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Judge on Petters: ‘One of the Greatest Frauds in American History’

The judge overseeing the Petters case had some words for the former CEO:

“He had control of billions of dollars. He was involved with hugely complex business deals. He was accustomed to making grandiose schemes work,” U.S. Magistrate Judge Jeffrey Keyes said in a ruling he read from the bench.

“He’s facing a very, very long prison sentence — perhaps for the rest of his life. This is one of the greatest frauds in American history,” Keyes continued in his packed St. Paul courtroom.

“He has the personality to pull off a flight caper.”

With that, the judge denied Petters bail.

In related news, the umbrella organization Petters Group Worldwide and its Petters Co. Inc. venture capital unit have sought Chapter 11 protection.

And, not surprisingly, a number of Minnesota politicians are scrambling to give back the now-tainted campaign contributions made by Petters.