Minnesota millionaire and former CEO Tom Petters will stand trial June 9 for allegedly running one of the world's largest Ponzi schemes, according to the Star Tribune.More from the Star Tribune:
Petters faces 20 felony charges including conspiracy, mail and wire fraud and money laundering. He allegedly ripped off more than $3.5 billion from investors by claiming he was buying electronics to resell. He allegedly used that money to pay off debt and live a rich lifestyle.
The poor, poor man has been sitting in the clinker since Oct. 3, but attorneys are hoping to once again get him released.
Paul Engh, a Minneapolis attorney who joined Jon Hopeman on the Petters defense team this week, had asked for a September trial date, citing the complexity of the case. But Assistant U.S. Attorney John Marti suggested an April trial date, calling the matter a straight-forward fraud case. U.S. District Judge Richard Kyle split the difference in setting the June trial date.
In a surprise move, Engh said the defense plans to revisit efforts to have Petters' release from jail pending trial. Petters has been held without bond since his Oct. 3 arrest at his home. He has lost two previous attempts to be released on bond after judges determined that he was a flight risk. But Engh said the defense has obtained new evidence that was not introduced at previous hearings. Engh said Petters' release was needed to help it prepare for trial.To read more of the back story on Tom Petters, check out our archives.