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St. Paul, Minn.

March 26, 2010 2:51 PM

Judgment holds Petters personally responsible for billions in losses

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A U.S. District Court judge said Friday businessman Tom Petters will be held personally responsible for losses his investors suffered from a multi-billion-dollar fraud scheme.

U.S. District Court Judge Richard Kyle says a judgment in the amount of about $3,522,880,614.10 will be entered against Petters. That's a result of Petters' conviction last December on fraud and money laundering charges.

Petters is scheduled to be sentenced April 8, and prosecutors are calling for a life sentence. Judge Kyle also fleshed out the list of Petters' properties that will be forfeited because they're traceable to the fraud scheme.

Those properties include Petters' Lake Minnetonka mansion, a home in Plymouth and five additional properties: one in Colorado, two each in Florida and Wisconsin.

The judge said the forfeiture order will be part of the sentence and judgment against Petters.

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