Eds: APNewsNow. Updates from defense closing argument; Will be updated.

AP Photo NY117 By STEVE KARNOWSKI Associated Press Writer ST. PAUL, Minn. (AP) The defense for Minnesota businessman Tom Petters says his client is the victim of a "fraud within a fraud" and that he is not guilty of masterminding a Ponzi scheme that cost investors more than $3.5 billion.

In closing arguments Monday, defense attorney Paul Engh (eng) urged the jury not to believe the testimony of Deanna Coleman, Bob White and Larry Reynolds, saying they conned Petters and were trying to con the jury.

Engh said the arc of Petters' life is "consistent with innocence, optimism and generosity." U.S. District Judge Richard Kyle will give the jury its instructions Monday afternoon, after which jurors will begin deliberations.

(Copyright 2009 by The Associated Press. All Rights Reserved.) APNP 11-23-09 1408CST | save this article / add to your favorites list