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Ponzi schemer Petters' 50-year sentence upheld, 'final con' rejected

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By Jonathan Stempel

(Reuters) - Minnesota businessman Thomas Petters has failed to persuade a federal judge to reduce his 50-year prison term for running a $3.65 billion Ponzi scheme.

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Petters, 56, claimed his trial lawyers had been ineffective because they didn't tell him about a plea offer from federal prosecutors, a year before his December 2009 conviction, that would have sent him to prison for no more than 30 years.

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