Stay Curious. Stay Connected.
MailNewsletters♡Donate Now
Sign up
*Password must be at least 8 characters and contain one uppercase letter, one lowercase letter, one number and one symbol.
Already have an account?
By submitting, you consent that you are at least 18 years of age and to receive information about MPR's or APMG entities' programs and offerings. The personally identifying information you provide will not be sold, shared, or used for purposes other than to communicate with you about MPR, APMG entities, and its sponsors. You may opt-out at any time clicking the unsubscribe link at the bottom of any email communication. View our Privacy Policy.
Sign in to your profile
Forgot Password?
New to MPR News?
Welcome back
to news
for you
Reset Password

Enter the username on file and we'll send you a code to reset your password.

Still require assistance or not sure what your User Name is?
Welcome back
to news
for you
Email Verification

A verification code has been emailed to

Still awaiting the code?
Steve Karnowski, Associated Press
St. Paul, Minn.

Petters blames top associates for alleged scheme

Go Deeper.

Create an account or log in to save stories.

Log inCreate a free Account

Like this?

Thanks for liking this story! We have added it to a list of your favorite stories.

Show me!

Tom Petters is putting the blame on top associates for the fraud at Petters Co. Inc.

Deanna Coleman and Bob White were vice presidents at PCI - the company the government says was at the heart of a Ponzi scheme that cost investors $3.65 billion.

Petters testified Wednesday he did a large number of legitimate merchandise deals with PCI in the 1990s. But then his involvement with PCI waned and Coleman and White took on greater roles.

He says he wanted to sell off PCI, but Coleman and White stood in his way. He says some of PCI's deals were so troublesome they scared the "bejesus" out of him.

Petters grew emotional on the stand this morning, as he talked about the murder of his son in Italy in 2004.

He says that he spent little time with PCI before the murder and virtually none after it. Instead, he says, he dedicated himself to charitable work.

Petters faces 20 counts of wire fraud, mail fraud, conspiracy and money-laundering. Coleman and White have admitted to forging documents and have pleaded guilty.