MINNEAPOLIS – A Minnesota businessman accused of running a Ponzi scheme that authorities say was overtaken at the time only by Bernard Madoff's is going on trial this week.
Tom Petters built a small merchandise liquidation company into a diversified empire that owned well-known businesses such as Polaroid. But prosecutors allege the core of his business was a $3.65 billion fraud.
Petters is charged with 20 counts, including wire fraud, mail fraud, money laundering and conspiracy, that could imprison him for life.
He pleaded not guilty Dec. 2, just a week before Madoff began confessing to a scheme authorities say cost investors at least $13 billion.
Petters' trial is expected to take about six weeks, with jury selection starting Wednesday in federal court in St. Paul.
Fox News First
Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox.
By entering your email and clicking the Subscribe button, you agree to the Fox News Privacy Policy and Terms of Use, and agree to receive content and promotional communications from Fox News. You understand that you can opt-out at any time.