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?
St. Paul, Minn.

Petters co-defendant Reynolds sentenced to 11 years

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!

A judge has sentenced a disbarred attorney to nearly 11 years in prison for money laundering conspiracy in the $3.7 billion Ponzi scheme allegedly run by Minnesota businessman Tom Petters.

Larry Reynolds had faced up to 20 years, but U.S. District Judge Richard Kyle sentenced him Tuesday to 10 years and 10 months. Kyle showed him some leniency for pleading guilty and testifying against Petters.

Reynolds, 69, admitted routing about $12 billion through a California shell company to help dupe investors into thinking they were financing merchandise deals. He testified he collected about $4 million to $5 million in commissions.

Reynolds was named Larry Reservitz before he testified in a 1980s East Coast fraud case and entered the witness protection program.

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