May 15 The U.S. Supreme Court said it will not
review the conviction of Tom Petters, a Minnesota businessman
serving a 50-year prison term for running what prosecutors
called a $3.65 billion Ponzi scheme.
Prosecutors accused Petters, 54, of bilking investors who
thought he was using their money to buy consumer electronics for
resale to retailers such as BJ's Wholesale Club Inc and Costco
Petters was convicted by a federal jury in December 2009 and
sentenced four months later.
In December, the 8th U.S. Circuit Court of Appeals upheld
the conviction, rejecting Petters' argument that the trial judge
had barred him from fully challenging the credibility of a key
The Supreme Court's denial of Petters' request to review his
case was made public in a brief order this week. Petters has
maintained his innocence. He is serving his sentence at a
federal prison in Leavenworth, Kansas.
The case is Petters v. U.S., U.S. Supreme Court, No.