Thomas Petters, a Missouri businessman, was sentenced to 50 years in jail today for carrying out a Ponzi scheme that netted about US$3.7 billion over a 16-year period. In December 2009, Petters was convicted of several charges including conspiracy to commit money laundering, and money laundering. Petters’ company, Petters Worldwide Group, once owned Polaroid. “This was a massive fraud,” said U.S. District Judge Richard Kyle. “Tom Petters was at the front and centre of every stage. [He] was captain of the ship. [The fraud] would not have happened without his direction.” Petters’ lawyer sought a prison term of four year; the prosecution was seeking 335 years. More from Fox News here.