Tom Petters: Top executive set me up

ST. PAUL, Minn. -- With more than three weeks of testimony, it will be no quick task for the jury to sort it all out, as they decide whether Tom Petters bilked investors of billions.

Both the prosecution and defense rested their cases Friday after Tom Petters finished his testimony, maintaining he knew nothing of the fraud and blaming his top executives.

Petters told the court he was, "dumbfounded" when he realized what was going on, saying he "knew at that moment we had a very, very, very large problem."

Petters continued to point the finger at company vice president Deanna Coleman who secretly recorded conversations.

Petters told the jury, "She set me up to be responsible for a fraud she couldn't handle."

As to the FBI raid at company headquarters last year, Petters said, "The raid was unnecessary.  We would have allowed you to come in and take anything you want."

Assistant United States attorney Joe Dixon didn't buy that, saying to Petters, "If we had only waited another day, you would have told us yourself?"

And that led to another heated exchange.

Dixon asked, "You were raising money fraudulently?"

Petters answer, "O.k...."

Again, Dixon said, "You raised the money fraudulently."

Petters answer, "That is a fact I realized after."

And finally, one more time, Dixon said, "You raised the money fraudulently."

Petter's response, "You asked me the question. I answered the question."

Both sides will make their closing arguments on Monday. It will be a final pitch to the jury. Adjunct professor at William Mitchell College of Law and former trial attorney Link Christin says Petters' testimony will likely be key to the jury's decision.

"In most case like this where there is a significant amount of money, it is usually the defendant who wins or loses these cases," says Christin.

Christin says the jury will also consider whether Tom Petters was the same person when the prosecution questioned him, as when his own attorney was asking the questions. Did he respond spontaneously, stay calm and measured? That will go directly to his credibility, ultimately helping the jury reach a verdict.

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