(St. Paul, MN) -- A corporate executive on trial in for a three-point-six-billion-dollar Ponzi scheme has taken the witness stand in his own defense.

Thomas Petters blamed underlings for using new investor money to pay off earlier investors.

He is the CEO of Petters Group Worldwide, which owns 60 companies including the hard-luck firms Polaroid and Sun Country Airlines.

He told a federal court jury in St. Paul, Minnesota, that he was a big-picture executive who left details of financial transactions to his employees.

Among them is Deanna Coleman, who blew the whistle on Petters but also admits writing more than one-million dollars in checks on company accounts to her boyfriend and brother.

Petters was indicted a year ago by a federal grand jury on 20 counts of fraud, money laundering and other financial crimes.

Among his alleged schemes were promising investors huge returns by selling consumer electronics to warehouse clubs BJ's and Costco.

Several times during his testimony, Petters broke down on the witness stand when attorneys questioned him about his son's death.

John Petters, a college student, was stabbed to death during a skiing trip in Italy five years ago when he wandered off a ski trail and onto private property.

The property owner mistook him for an intruder and killed him.

The elder Petters told the jury he was distracted from business matters by his son's death and left decisions to his employees.

　

(Copyright 2009 by VERTEXNews/Newsroom Solutions)