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Steve Karnowski, Associated Press
St. Paul, Minn. (AP)

Jury selected in Petters trial

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A federal jury has been sworn in to hear the trial of Tom Petters, a Wayzata businessman accused of running a $3.65 billion Ponzi scheme.

Opening statements were expected to begin mid-afternoon Wednesday in U.S. District Court in St. Paul.

Judge Richard Kyle says the trial is expected to take four to six weeks. Jury selection took up most of Wednesday morning, and Kyle picked four alternates instead of the usual two as a precaution against swine flu.

Petters is charged with 20 counts, including wire fraud, mail fraud, money laundering and conspiracy that could imprison him for life.

The defense contends Petters was unaware of what his subordinates were doing, partly because of all the time he spent on charitable work.