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Judge To Petters' Lawyers: You Can't Quit

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Apr 10, 2009 7:52 am US/Central

Judge To Petters' Lawyers: You Can't Quit

ST. PAUL (AP) ― A federal judge is telling businessman Tom Petters' criminal defense attorneys they can't quit -- even though they haven't been paid yet for any work they've done this year.

Petters' lawyers say because they haven't been paid, they've had to cut back on investigators, associate attorneys and expert witnesses as they prepare for Petters' trial, expected to begin this summer.

But U.S. District Judge Richard Kyle told Petters' lawyers: "The fact that you're not paid is not a reason to say you're walking."

The judge noted that if he had to appoint new counsel, trial preparation would start all over.

Petters is fighting charges that he masterminded a $3.5 billion Ponzi scheme. He's been in jail since his arrest in October on charges of fraud, money laundering and conspiracy.

Information from: Star Tribune, http://www.startribune.com

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Items federal agents seized at Tom Petters' Wayzata home in the fall of 2008 included $13,000 in cash, numerous credit cards, a .22 caliber revolver and 11 high-end watches, including four Rolexes.

(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

© MMIX, CBS Broadcasting Inc. All Rights Reserved.