Petters trial delayed until next weekby Martin Moylan, Minnesota Public Radio
St. Paul, Minn. — The start of the fraud trial of Wayzata businessman Tom Petters is being pushed back to next week.
Jury selection had been scheduled to begin Thursday, but U.S. District Judge Richard Kyle decided during a pretrial hearing Wednesday to postpone the start until Monday, citing unspecified scheduling issues.
Opening statements will likely begin next Tuesday in St. Paul. Federal prosecutors charge Petters ran a Ponzi scheme that cheated people out of $3.5 billion.
Authorities say Petters masterminded a $3 billion fraud scheme over 14 years. Petters, the founder of Petters Group Worldwide, is charged with mail fraud, wire fraud, money laundering and obstruction of justice.
Petters, who is currently being held in the Sherburne County jail, has been in custody since his arrest in October 2008.