Another Sentence In Petters Ponzi Scheme
Another defendant in the Tom Petters Ponzi scheme is headed to prison. Robert White was sentenced to five years in prison today by U.S. District Judge Richard Kyle. White admitted to forging at least 10,000 documents to advance the $3.7 billion scheme that resulted in a 50-year sentence for the orchestrator, Wayzata businessman Tom Petters. White faced a possible 20 years in prison.
He’s the third person to be sentenced this week in connection with the scheme. Michael Catain was given a 7 1/2 year term on Monday and Larry Reynolds received an 11-year sentence on Tuesday.