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Published October 28, 2009, 08:52 AM

Jury Selection Scheduled for Petters Trial

Jury selection begins Wednesday in the trial of Tom Petters, a Wayzata businessman accused of running a $3.65 billion Ponzi scheme.

Jury selection begins Wednesday in the trial of Tom Petters, a Wayzata businessman accused of running a $3.65 billion Ponzi scheme.

His trial in federal court in St. Paul is expected to take up to six weeks. He's charged with 20 counts, including wire fraud, mail fraud, money laundering and conspiracy that could imprison him for life if he's convicted.

The defense contends Petters was unaware of what his subordinates were doing, partly because of all the time he spent on charitable work.

Petters pleaded not guilty Dec. 2, just a week before New York financier Bernard Madoff began confessing to an even bigger alleged scheme that authorities say cost investors at least $13 billion.

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