Petters will remain in jail 
by The Associated Press

MINNEAPOLIS -- A federal judge has ordered businessman Tom Petters jailed until Tuesday to give prosecutors time to explore evidence in an investigation of alleged fraud. 

Petters was arrested at his home Friday on federal charges including fraud and money laundering. Police and federal agents raided the headquarters of his company, Petters Worldwide Group, last week. 

His attorney Jon Hopeman argued that Petters should be released because of his extensive ties to Minnesota. Hopeman also argued that Petters isn't charged with any violent or drug-related crimes. 

But Magistrate Judge Franklin Noel granted prosecutors' request to hold Petters. 

Petters didn't enter a plea.