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Elizabeth Dunbar
St. Paul, Minn.

Petters trial delayed by another 2 days

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The trial on fraud charges for Wayzata businessman Tom Petters has been delayed another two days, with jury selection now starting Wednesday.

Petters' trial in St. Paul had been scheduled to begin this week, but U.S. District Judge Richard Kyle delayed it until next Monday. On Friday, Kyle delayed the trial by another two days but did not give a reason for the delay.

Jury selection will begin Wednesday, and opening statements will likely come later in the week.

Petters is charged in what prosecutors have described as a $3 billion Ponzi scheme in which he allegedly used his businesses to recruit new investors whose money was used to pay back previous investors.

Petters has been in custody since his arrest in October 2008.