Tuesday, 31 May 2016
Last updated 1 hour ago
Nov 24 2009 | 9:54am ET
The fate of Minnesota businessman, hedge fund manager and accused Ponzi schemer Thomas Petters is in the hands of the jury.
Deliberations began yesterday after both sides finished their closing arguments in St. Paul, Minn., federal court. Petters is accused of running a $3.5 billion investment scam and faces life in prison if convicted of all 20 charges.
Jurors deliberated for about two hours yesterday, and are to continue today.
Petters’s lawyer used his closing argument to hammer home his side’s claim that Petters was a victim of his underlings, who ran “a fraud within a fraud” without his knowledge. Prosecutors called that claim “a lie” and argued that Petters funded his “lifestyle of a corporate tycoon” entirely “with investors’ money.”