BUSINESS
03/18/2010 05:12 am ET Updated May 25, 2011

Thomas Petters: Accused Ponzi Schemer Caught On Tape: "This Is One Big F---ing Fraud"

Oct. 29 (Bloomberg) -- Petters Group Worldwide LLC founder Thomas Petters, charged with overseeing a $3.5 billion Ponzi scheme, admitted he knew his phony deals over electronic equipment amounted to a crime, a prosecutor said.

Petters, 52, duped hedge funds into funding fictitious shipments of TVs and DVD players for more than a decade, Assistant U.S. Attorney Joe Dixon told jurors in opening statements of Petters's fraud trial yesterday. Federal agents arrested Petters after one of the executive's subordinates alerted them to the scheme, Dixon added.

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