Petters due in federal court to face charges
by The Associated Press

ST. PAUL -- Petters Group Worldwide founder Tom Petters is due in court Tuesday. 

Petters faces federal charges of mail fraud, wire fraud, money laundering and obstruction of justice in what authorities say was a scheme to defraud investors of more than $100 million. 

Court documents indicate as much as $3 billion might be tied to the fraud. 

Petters is due to appear at 2 p.m. before Magistrate Judge Jeffrey J. Keyes. in St. Paul 

Petters has been held without bail since his arrest Friday. 

Its holdings include Sun Country Airlines, which filed for Chapter 11 bankruptcy on Monday after it couldn't turn to its parent company for a short-term loan because of the federal investigation. 

Separately Monday, a federal judge froze the assets of Petters Group and several entities, and appointed attorney Doug Kelley as receiver to run the businesses.