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Minn. man faces March sentencing

Tom Petters, convicted in a $3.65b Ponzi scheme, has insisted on his innocence. His lawyers plan to appeal. Tom Petters, convicted in a $3.65b Ponzi scheme, has insisted on his innocence. His lawyers plan to appeal.
Associated Press / February 9, 2010

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ST. PAUL, Minn. - Minnesota businessman Tom Petters is scheduled to be sentenced March 10 on his conviction for orchestrating a $3.65 billion Ponzi scheme.

US District Judge Richard Kyle set the date in an order yesterday.

Petters was convicted in December on 20 counts of wire fraud, mail fraud, money laundering, and conspiracy.

He is expected to be sentenced to between 30 years and life in prison.

Petters maintains his innocence, and his attorneys plan to appeal.

Petters’s corporate empire collapsed in 2008 after one of his closest associates went to authorities and said false documents were used to lure investors into financing nonexistent merchandise deals.