Tom Petters jailed; court papers say he planned to flee the country

Twin Cities businessman Tom Petters was arrested and made his first appearance in a Minneapolis federal court Friday facing charges of mail and wire fraud, money laundering and obstruction of justice.

According to federal authorities, his arrest may have come just in time.

Assistant U.S. Attorney John Marti asked the court to hold Petters without bail pending trial, describing him in court papers as "a serious risk" to flee from charges prosecutors said could lead to life in prison.

In a secretly recorded conversation, Marti wrote, Petters said he had not intended to be in the country by the time of the presidential debates.