Ex Polaroid owner set to appeal against 50-year sentence
Tom Petters, a former owner of Polaroid who was yesterday handed a 50-year prison sentence for fraud and money-laundering, may lodge an appeal against his conviction.
Petters, 52, was sentenced for heading up a $3.7bn Ponzi scheme, whereby investors do not receive payouts from actual profits but instead are paid from money originating from new investments.
Paul Engh, one of Petter’s lawyers, told reporters that his client will probably lodge an appeal.
Petters was sentenced by US District Judge Richard Kyle who said: ‘This was a massive fraud and the defendant’s involvement in the fraud was front and centre.’