Updated: 11/23/2009 12:57 PM KSTP.com | Print |  Email
By: LUKE GARRISON

Closing Arguments Set for Monday in Petters Case

After 17 days in federal court, attorneys will present closing arguments in the Tom Petters fraud trial Monday morning.

"It's by far the largest fraud case in Minnesota history," said Dean of the Hamline University Law School Donald Lewis.

Lewis has been closely following the Petters case. He expects prosecutors to push e-mails and audio recordings of Petters to make their case to the jury.

"I think Tom Petters has a very steep hill to climb," said Lewis.

Lewis also expects testimonies from Petters' associates Deanna Coleman, Bob White, Larry Reynolds and Michael Catain to be key. All four pleaded guilty for their roles in the $3.5 billion Ponzi scheme.

"If you accept Tom Petters' story, you have to disbelieve all the other witnesses," said Lewis.

He expects Petters' defense to emphasize Petters was the head of a large corporation and simply did not know everything going on beneath him.

Jurors may also hear that Petters grew more distant from his work after the stabbing of his son John in 2004.

As for taking the stand in his own defense, Lewis calls it a gamble that was worth taking.

"He had to take the stand to show personality and style to warm up the jury."

The case could be handed over to the jury as soon as late Monday.