Tom Petters found guilty of $3.65 billion Ponzi scheme fraud

The 52-year-old founder of Petters Group Worldwide Inc was convicted on all 20 counts he faced, including wire fraud, mail fraud and money laundering.

Prosecutors said Petters could face 30 years to life in prison when he is sentenced within the next few months.

The government had accused Petters of using one of his companies, Petters Co, to bilk investors who thought he was using their money to buy consumer electronics for resale to retailers such as Costco Wholesale Corp (COST.O) and BJ's Wholesale Club Inc (BJ.N).

"Mr. Petters' company was a fraud, and Mr. Petters was his company," prosecutor John Marti told reporters after the verdict.