Jury deliberations begin in Minn. businessman Tom Petters’ fraud trial

Minn. jury begins deliberating in Petters trial

ST. PAUL, Minn. — The fate of Minnesota businessman Tom Petters is in the hands of a jury.

Federal prosecutors told jurors Monday that evidence overwhelming showed Petters was the driving force behind a “massive fraud” that cost investors more than $3.5 billion.

Assistant U.S. Attorney John Marti said Petters took some $400 million out of the scheme, and used it to buy companies including Fingerhut, Polaroid and Sun Country Airlines. Marti says Petters took more than $80 million of that to “live the life of a corporate tycoon.”

Petters is charged with 20 counts of wire fraud, mail fraud, conspiracy and money laundering. He could face life in prison if convicted.