WQOW TV: Eau Claire, WI NEWS18 News, Weather, and SportsPetters: Raid on his business was unnecessary
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Associated Press - November 20, 2009 11:04 AM ET
ST. PAUL, Minn. (AP) - Minnesota businessman Tom Petters says a 2008 raid by federal agents on his company was unnecessary.
In his last testimony before the defense rested in his fraud trial, Petters said he was consulting with his lawyers and getting ready to go to the U.S. attorney himself.
Petters testified he had suspected fraud within Petters Co. Inc., but he had no idea about the extent until aide Deanna Coleman told him in a conversation she recorded Sept. 9, 2008.
That was the day after Coleman went to federal agents to report fraud and returned to Petters' headquarters wearing a wire.
Petters says it was Coleman and other employees who engineered a Ponzi scheme that prosecutors say cost investors $3.65 billion.
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