Tom Petters Now Wants To Be Released On Bail
Tom Petters—despite being sentenced to 50 years in prison, having his appeals rejected by multiple courts, and having a recent plea for a reduced sentence denied—now thinks he should be released on bail.
The former Minnesota businessman, who was found guilty on 20 counts related to a $3.65 billion Ponzi scheme he orchestrated, has been arguing that he should receive a reduced prison sentence because he was not made aware of an earlier plea deal offer. Late last year, he came to Minnesota to argue his case, but U.S. District Judge Richard Kyle dismissed Petters' claims—using some harsh language in the process.
News recently surfaced that Petters has tapped the assistance of a fellow inmate, described as a “jailhouse lawyer,” in an attempt to get his case in front of a new judge.
The Star Tribune has a report on a series of court documents that Petters has now filed, in which, among other things, he reportedly requested to be released on bail from Leavenworth prison, pending a ruling on his motions for a new sentence and a new judge. The Minneapolis newspaper points out that the request is a long shot—especially considering Petters was never granted bail during the criminal case against him.
The Star Tribune also reported on the drawn-out (and ongoing) legal process of “clawback” lawsuits, through which the trustee in Petters’ bankruptcy case is attempting to recoup funds for investors. Read more about the ongoing Petters saga here.