Tom Petters is personally on the hook for $3.5 billion for Ponzi scheme
Tom Petters, who was convicted in December on 20 counts of fraud and money-laundering in for running a mulit-billion Ponzi scheme, isn't scheduled to be sentenced until April 8. But Judge Richard Kyle announced today that he will be held personally responsible for $3,522,880,614.10 in debts to his investors. As part of the ruling, Petters will forfeit his $3.8 million lakeside Wayzata home, as well as properties in Wisconsin, Florida, and Colorado.
If you're not up to speed on Petters's historic swindle, take a look at Ken Avidor's cartoon account of his trial