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Minneapolis (AP)

Fourth defendant may plead guilty in Petters case

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A fourth defendant may plead guilty in the Tom Petters case, which authorities describe as a $3 billion investment fraud scheme.

Larry Reynolds allegedly was Petters' money-laundering connection. He was originally charged two weeks ago, along with Petters, with mail and wire fraud, money laundering and obstruction of justice.

But prosecutors recharged Reynolds late Thursday in a document called a "felony information" with a single count of money-laundering conspiracy. That process often signals that a plea bargain will follow.

Three other defendants in the alleged scheme were charged that way before they entered guilty pleas last week and agreed to cooperate with the government.

Reynolds' attorney, Fred Bruno of Minneapolis, confirmed to the Star Tribune that plea discussions were under way with the U.S. attorney's office.

Reynolds, 67, of Las Vegas, has been held in the Sherburne County jail since Friday.