Petters indicted on charges of conspiracy, fraud... finally!


The poor man has been sitting in jail since Oct. 3 sadly awaiting an epic indictment that could ruin his life. Well now Tom Petters got the indictment to match his hot orange suit, according to the Star Tribune.

Petters is accused of a more than $3 billion fraud against investors. Check out our Petters archive for the back story. More from the Strib:

A federal grand jury in St. Paul handed up an indictment today charging Minnesota businessman Tom Petters with two counts of conspiracy and 18 counts of mail fraud and money laundering related to an alleged scheme that bilked investors, including charities, out of more than $3 billion.

The slate of new charges replaces a criminal complaint filed last month by the U.S. Attorney's Office in Minnesota, which had charged Petters with wire and mail fraud, money laundering and obstruction of justice.

Petters has said that he plans to fight government accusations that he engineered an enormous fraud scheme that ran from 1995 until September of this year.

The 13-page indictment names Petters and his two key companies: Petters Group Worldwide, the main holding company in Minnetonka, and Petters Company Inc., the smaller investment arm central to the fraud allegations, which operated out of the same building.

Petters is accused of using these companies to commit the fraud. Petters also received eight money laundering charges.