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St. Paul, Minn. (AP)

Petters defense asks appeals court for retrial

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Lawyers for Tom Petters are asking a federal appeals court to order a new trial for the Minnesota businessman, who was convicted last December of running a $3.7 billion Ponzi scheme.

In papers sent Friday to the 8th Circuit Court of Appeals, they say Petters' accusers "were amongst the most prolific liars, forgers and con artists in recent memory."

The defense contends it was not allowed to present the jury with full evidence about a key prosecution witness, Larry Reynolds. He's a convicted felon and disbarred lawyer who had been in the federal witness protection program. The defense claims Reynolds masterminded the fraud within Petters' company, without Petters' knowledge.

The defense also calls Petters' 50-year sentence "barbaric."

(Copyright 2010 by The Associated Press. All Rights Reserved.)