Petters to plead not guilty today
Former CEO and millionaire Tom Petters is expected to plead not guilty today. The Twin Cities businessman was indicted yesterday with 20 counts of wire and mail fraud, conspiracy and money laundering for the 13-year fraud of $3.5 billion Ponzi scheme.
The indictment hints that more charges against other parties may be pending. It says Petters was aided in the alleged scheme by Deanna Coleman, the government's informant, business associates Robert White, Michael Catain and Larry Reynolds, "and others known and unknown to the grand jury."
Coleman, White, Catain and Reynolds have all entered guilty pleas for their involvement.
Jon Hopeman, Petters' defense attorney, said his client will appear in court before Magistrate Judge Arthur Boylan this afternoon in St. Paul and "intends to plead not guilty."