Petters: Federal Raid on HQ Unnecessary

Testimony has ended in fraud trial of Tom Petters, who said the 2008 raid on his company headquarters was unnecessary and that he was talking with lawyers on a way to go to authorities on his own.

Judge Richard Kyle scheduled closing arguments and jury instructions for Monday.

The fourth week of the trial Petters testifying he had suspected fraud within Petters Co. Inc. but didn't know the extent of it until his aide Deanna Coleman told him about it on Sept. 9, 2008.

Coleman was wearing a wire at the time because she had already gone to federal authorities. Petters says Coleman and others carried out a Ponzi scheme without his knowledge.