ST. PAUL, Minn. -- A jury will return Tuesday to further deliberate the fate of a Minnesota businessman accused of operating a Ponzi scheme that cost investors more than $3.5 billion.
After more than three weeks of testimony, the jury in Tom Petters' federal fraud and money laundering trial started its deliberations Monday.
Attorneys for both sides presented their closing arguments early Monday afternoon. Nearly a month ago, they laid out their theories of the case in Tom Petters' federal fraud trial.
On Monday, in their final pitch, they showed the jury how all the evidence, which includes documents, recordings and hours of testimony, filled in the spaces.
Government attorneys call this a simple case - telling people lies to get their money, then using those investments for something else.
Assistant U.S. Attorney John Marti told the jury Petters used a fraud toolkit full of fake documents, deceit and blame to weave an elaborate tale that made him a lot of money.
"Did Tom Petters knowingly participate in this artifice and fraud...the evidence says he did," Marti told the court. "Tom Petters was defrauding little old ladies...he took their money and he spent it on himself."
And then prosecutors say Petters blamed his top executives who also took part.
Marti said, "These were instruments of darkness. Tom Petters brought these instruments together...and rewarded them for their crime."
And then on the other side, zealously defending his client, attorney Paul Engh played to two foundations of justice he hopes the jury will remember.
"If you presume innocence and have a doubt beyond reason, you not only have to acquit, you must," Engh told the jury.
Engh told the court that Petters "never intended to harm anyone...and the evidence is overwhelming to that."
The defense also turned the incriminating testimony of Petters' employees to his advantage, reminding the jury this group committed crimes themselves and fraud against Petters.
Bob White, who testified to creating more than 10,000 fake documents, Engh described as "a master forger...he defrauds investors...he is a one-man crime show." Engh called White's testimony and the testimony of others "an effort to save their own lives at the expense of someone else."
Engh said Petters "may be a flawed individual, but he is a hopeful one."
Engh made a very powerful presentation, quoting authors, philosophers and poets in his closing argument.
Marti's presentation was more straightforward, reviewing the evidence and how it relates to each charge. Petters is charged with 20 counts of fraud, money laundering and conspiracy.
(Copyright 2009 by KARE and The Associated Press. All Rights Reserved.)
