KBTX | Bryan & College Station, TX | Aggieland News

Court Eyes Restitution in Petters' Ponzi Case

By: AP
By: AP

WASHINGTON - The Supreme Court has rejected an appeal from
investment funds seeking repayment of their losses in a $3.7
billion Ponzi scheme operated by Minnesota businessman Thomas
Petters.

The funds together lost $165 million and challenged a federal
judge's order denying restitution to any of Petters' victims. Among
other things, the court said the victims would have other ways of
recouping some of their money.

The justices on Monday refused to disturb the ruling.

A federal law generally requires a court to order restitution as
part of a defendant's sentence, but allows for some exceptions. The
judge in this case said that restitution would be too complex, take
too long and result in the payment of less than a penny for each
dollar victims lost.


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