Petters Points Fingers in Testimony

On the second day of testimony in his own defense, Tom Petters placed blame on associates Deanna Coleman and Bob White for the alleged fraud at Petters Co. Inc.

Petters said Wednesday he did a large number of legitimate merchandise deals with Petters Co. in the 1990s, but said his involvement lessened as Coleman and White took on greater roles with the company while he focused on his son's foundation.

Coleman and White were vice presidents at Petters Co., which prosecutors say was at the core of a Ponzi scheme that defrauded investors our of $3.65 billion.

Peters said he would have fired Coleman and White if heknew they had been forging documents to fool investors. He also said Coleman and White stood in the way of selling off Petters Co.

Petters faces 20 counts of wire fraud, mail fraud, conspiracy and money-laundering.