Tom Petters gets a 50 years sentence 0
The Twin cities of St. Paul and Minneapolis saw the conviction of businessman Tom Petters for a period for 50 years, a sentence that was handed out to him by the judge in St. Paul. Tom Petters has been convicted on charges of running a $3.65 billion Ponzi scheme in which he has swindled thousands of investors. While prosecutors had wanted Tom Petters to be sentenced for at least 335 years, the judge sentenced him to 50 based on the sentence handed to Bernie Madoff in a similar scheme earlier. In this Ponzi scheme, Tom Petters had solicited billions of dollars for Petters Co. Inc and he had told his investors that the funds would be used to buy and then re-sell electronic goods for a profit that they would then get.
Tom Petters channeled the money so received to his legitimate businesses or to his own use, without bothering to pay any money to the duped investors. The judge said that if Tom Petters was released earlier there was no guarantee that he would not re-offend. Even if he does get time off for good behavior, he would serve at least 41 years in prison. A lot of people have been pleased by the sentencing though.
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