Petters Judge Calls Leniency Bid 'One Final Con,' Upholds 50-Year Sentence

Dec 10 2013 | 12:07pm ET

Convicted Ponzi schemer Thomas Petters cannot have his plea deal back, a federal judge has ruled.

U.S. District Judge Richard Kyle, who presided over Petters' trial in 2009, rejected Petters' bid to have his 50-year sentence cut to 30 years. Kyle blasted the Ponzi schemer, all-but calling him a liar when he claims that his former lawyer, Jon Hopeman, failed to notify him about prosecutors' offer.

The judge said that Petters is "willing to say or do anything," and rejected his allegations that Hopeman was an ineffective advocate who never told him about the 30-year deal on the table.

"Staring into an abyss of nearly 15,000 days of incarceration, Petters has tried to pull off one final con," Kyle wrote. "He is entitled to neither relief nor sympathy from this court."

Petters' new lawyer, Steven Meshbesher, said that no decision on an appeal has been made. Petters, convicted of running a $3.65 billion scam, has been stymied three times on appeal so far.


In Depth

Royalties: The Alternative Assets of the Music Industry

Jul 8 2016 | 7:01pm ET

Recent market volatility has investors seeking greater insight into alternative...

Lifestyle

Moore Capital PM Fired After Raucous Hamptons Party

Jul 7 2016 | 10:47pm ET

A portfolio manager for Louis Bacon’s $15 billion hedge fund Moore Capital Management...

Guest Contributor

MPI: Like Stellar Returns? Better Understand the Risks First

Jul 22 2016 | 8:44pm ET

When the press reports extraordinarily strong relative or risk-adjusted returns...