"Pretty Okay Dude" Defense Turns Out Not To Work For Tom Petters


Tom Petters was sentenced by a judge today for his $3.65 billion Ponzi scheme and surprise! The fact that his lawyer described him as a "a flawed, but benevolent individual, a very decent guy" (save for the whole massive scam thing) did not help much.

A federal judge sentenced Minnesota Petters to 50 years in prison...The sentence means the 52-year-old founder of Petters Group Worldwide likely will spend the rest of his life behind bars. Prosecutors sought a 335-year sentence, while the defense said a term as short as four years was more appropriate. Petters blew kisses to family members in the packed St. Paul, Minnesota courtroom after U.S. District Judge Richard Kyle handed down the sentence.