Judge blasts Tom Petters' "crocodile tears" in denying his attempt at "one final con"

Categories: Tom Petters
PettersSmileRect.jpg
Petters, before his world came crashing down.
During an appearance in federal court in October, a tearful Tom Petters finally admitted guilt for the $3.65 billion Ponzi scheme he was convicted of masterminding in 2009 and told a judge, "I'm begging for your forgiveness."

RELATED: The part of Petters' business class where he teaches about Ponzi schemes must be awk

On that day, Petters pleaded for a 20-year reduction in his 50-year prison sentence. But yesterday, not only was his request denied, but U.S. District Judge Richard Kyle put Petters on blast for trying to "pull off one final con."

In his ruling, Judge Kyle characterized Petters' emotional (albeit belated) October confession as nothing more than "crocodile tears."

"Staring into an abyss of nearing 15,000 days of incarceration... [Petters] seemed to be a man putting on a show, willing to say or do anything... to obtain a reduction of the lengthy sentence imposed by this Court," Kyle wrote. "He was also fidgety, cagey, and evasive, with his testimony frequently punctuated by lengthy pauses -- again not captured in the transcript -- during which he appeared to be trying to conceive answers most helpful to his cause."

Kyle's ruling concludes with this flourish: "Like so many before it, this great American tragedy, in which money was lost, lives were ruined, and more than a dozen people have been sent to prison, has come to an end. Petters' last-ditch attempt to escape just punishment for his crimes does not hold water."

Assuming he serves the full 50-year sentence, Petters, 56, will be released just before his 95th birthday.

-- Follow Aaron Rupar on Twitter at @atrupar. Got a tip? Drop him a line at arupar@citypages.com.

My Voice Nation Help
16 comments
MrGasso
MrGasso

I Like this Judge! Good Job! We need More like Him!

Austin Radish Kenworthy
Austin Radish Kenworthy

I had a friend who worked for his company doing graphic design and after Petters got arrested, he couldn't get work anywhere because of his company being on his resume.

Nathan James-swap
Nathan James-swap

This guy and Denny hecker need to be executed head to head and rid the world of slime like this once and for all.

Patrick Kane
Patrick Kane

Yes, Jason but hopefully someday they will hang those Wall Street bastards from a tall limb too.

Patrick Kane
Patrick Kane

They should let him out only to have the people whose lives he ruined waiting for him with their weapons of choice. This guy is sub-turd lowlife status.

Amy Reichel
Amy Reichel

50 years and murderers get 15-20? Sick

Jason Gabbert
Jason Gabbert

Petters did nothing different than Wall Street does every day and nobody touches those crooks.

Jason Gabbert
Jason Gabbert

Judges need to be like umpires -- you know they are doing a good job if nobody knows they are there. This guy is a piece of crap for grandstanding. It's not like he's going to suddenly change his original sentence anyway. Just deny it and go sentence some drug users.

Lynne Rollins
Lynne Rollins

He hasn't learned a thing, he should spend every second in prison. However, they need to keep rapists and murderers in prison longer too, shame they seem to get out earlier than a lot of non violent criminals like Petters.

sosmpls
sosmpls

Funny how you can get twice as much prison time for ripping off a bunch of greedy rich people than you can for killing someone.

swmnguy
swmnguy topcommenter

50 years, huh.  Must've been because of all those people he killed.  Most murderers in MN get 30 years.

MNjoe
MNjoe topcommenter

You should move to Somalia then - we don't do that in the U.S.

_Joe_
_Joe_

Judges almost always issue comment on sentencing or other decisions from the bench.  It's just that most of them are not reported on.  He's not grandstanding at all.

mohanlon3
mohanlon3

I lost my home (An apartment) when my partner lost his job at Petters at MOA.  We both made less than 11$ per hour at that point.  LOTS of people who were not rich or greedy got screwed by this guy's crime.  Your comment is classist and dumbass.  I agree murderers should get more time, but I don't think Petters deserves less by any stretch of the imagination.

swmnguy
swmnguy topcommenter

Putting to rest any doubt as to whose concerns determine the rules.

Now Trending

From the Vault

 

Loading...