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St. Paul, Minn. (AP)

2 Petters companies to plead guilty in fraud case

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A federal judge will hold a hearing Sept. 23 to accept guilty pleas on behalf of two companies that were part of Tom Petters' corporate empire.

Lawyers for Petters Group Worldwide LLC and its Petters Co. Inc. subsidiary will enter the pleas on criminal charges before U.S. District Judge Richard Kyle. He's the same judge who sentenced the Minnesota businessman to 50 years in prison for allegedly leading a $3.7 billion Ponzi scheme.

The pleas are meant to speed up the recovery of money to compensate victims of the fraud, which operated through Petters Co. Inc.

But the court-appointed receiver in the case, Doug Kelley, has said most money to compensate victims will come from "clawback" efforts to recover money from investors and former Petters employees who profited before the Ponzi scheme collapsed.

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