Petters co-defendant Catain sentenced to 7½ years
St. Paul, Minn. (AP) — A federal judge has sentenced Michael Catain, a co-defendant in the Tom Petters fraud case, to 7½ years in prison.
U.S. District Judge Richard Kyle also ordered Monday that Catain surrender Oct. 20, and that the 54-year-old Shorewood man must serve another three years on supervised release.
The former car wash and record company owner pleaded guilty in October 2008 to one count of money laundering conspiracy. He testified against Petters as part of his plea deal.
Catain admitted allowing a Petters company to funnel $12 billion of investors' money from 2002 to 2008 through Catain's business accounts. He kept over $3 million in commissions.
Kyle sentenced Petters in April to 50 years in prison for allegedly orchestrating a $3.7 billion Ponzi scheme. Petters is appealing.
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