![Federal Appeals Court To Hear Petters Case](http://townsquare.media/site/67/files/2010/12/tom_petters.jpg?w=980&q=75)
Federal Appeals Court To Hear Petters Case
ST. PAUL (AP) -- A federal appeals court hears oral arguments on whether Minnesota businessman Tom Petters deserves a new trial after being convicted of orchestrating a $3.7 billion Ponzi scheme.
Federal prosecutors and lawyers for Petters will go before a three-judge panel of the 8th Circuit Court of Appeals in St. Paul at 9 a.m. Thursday.
Petters' attorneys contend the judge at his 2009 trial prevented them from presenting their full defense to the jury that convicted him on 20 counts of fraud, money laundering and conspiracy. They wanted to delve deeper into the criminal past of a key prosecution witness who the defense claims masterminded the fraud without Petters' knowledge.
Federal prosecutors counter that the evidence of Petters' guilt was overwhelming.
Petters also seeks a reduction of his 50-year sentence.
(Copyright 2011 by The Associated Press. All Rights Reserved.)
More From AM 1240 WJON
![St. Paul Man Charged with Illegal Possession of a Firearm](http://townsquare.media/site/67/files/2023/01/attachment-Untitled-design-38.jpg?w=980&q=75)
![Reader’s Digest Names St. Cloud Man MN’s Most Notorious Criminal](http://townsquare.media/site/68/files/2021/10/attachment-Tom-Petters-1.jpg?w=980&q=75)
![Petters Victims Receive Over $22 Million in Forfeited Assets](http://townsquare.media/site/67/files/2010/12/tom_petters_250x200.jpg?w=980&q=75)
![Victims of Petters’ Ponzi Scheme Start to be Paid Back](http://townsquare.media/site/67/files/2018/08/Untitled-design-8.jpg?w=980&q=75)
![Victims of Petters’ Scam Close to Getting Some Money Back](http://townsquare.media/site/67/files/2011/01/petters.jpg?w=980&q=75)
![Top Minnesota Officials Sort Out Sex Offender Program’s Fate](http://townsquare.media/site/67/files/2013/02/3293465641_a77f520b81_z1.jpg?w=980&q=75)
![Judge Nixes Bail For Minnesotan Accused Of Trying To Join IS](http://townsquare.media/site/67/files/2015/04/court-gavel.jpg?w=980&q=75)
![Court Ruling Could Affect $1B In Petters Clawback Lawsuits](http://townsquare.media/site/67/files/2010/12/tom_petters_250x200.jpg?w=980&q=75)
![Investors Sue BMO Over Tom Petters’ Ponzi Scheme](http://townsquare.media/site/67/files/2010/12/tom_petters_250x200.jpg?w=980&q=75)