Tom Petters jailed until Tuesday, clink clink

Tom Petters, CEO of Petters Group Worldwide, will be jailed until Tuesday, according to a federal judge. The judge said it will give prosecutors more time to explore evidence in the investigation into Petters' alleged fraud. He did not enter a plea at the hearing.

Petters was arrested earlier this morning at his home in Wayzata.

According to the Star Tribune report:

His attorney Jon Hopeman argued that Petters, 51, should be released because of his extensive ties to Minnesota. Hopeman also argued that Petters isn't charged with any violent or drug-related crimes.

But Magistrate Judge Franklin Noel granted prosecutors' request to hold Petters.

Petters was arrested on a federal complaint charging him with mail fraud, wire fraud, money laundering, and obstruction of justice. Read our previous reports on Blotter.