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Closing Arguments Expected Friday In Petters Trial

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Nov 20, 2009 7:42 am US/Central

Closing Arguments Expected Friday In Petters Trial

ST. PAUL (AP) ― Closing arguments are expected Friday in the fraud trial of Minnesota businessman Tom Petters.

Petters is sticking to his story that he didn't know his close associates were carrying out an enormous fraud at Petters Co. Inc. He testified Thursday he "chose not to look" too closely at what was happening, even though he had suspicions.

Defense attorney Jon Hopeman says he expects to rest his case after about 15 minutes worth of questions for Petters on Friday morning.

Prosecutors say they may call some rebuttal witnesses, but both sides say they expect the case to go to closing arguments Friday. It's unclear when the case will go to the jury.

The government says PCI was a Ponzi scheme that cost investors $3.65 billion when it collapsed last year.

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Petters associate Deanna Coleman exposed the scheme to federal authorities in September 2008. She agreed to cooperate with the case and has a plea deal that ensures she'll spend no more than five years in prison, and possibly much less.

(© 2010 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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