Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Fraud in the Heartland

How 1,200 investors were conned out of more than $190 million by two Minnesota money men and Christian radio.

1 of 7
BACKNEXT
Cook and Kiley
Cook and Kiley
Minnesota money manager Trevor Cook (right) used Pat Kiley's (left) radio show as one method for pitching his currency investment program.

Cook promised "risk-free" yet hefty returns of more than 10%, and raised $190 million from investors, much of which is now gone.

The SEC, which last year charged both Cook and Kiley with fraud, said some of the money was lost on bad investments, some was used for "personal purposes...and for other illegal purposes."

The Department of Justice brought charges against Cook, who struck a plea deal in April, admitting to one count of mail fraud and one count of tax evasion.

It's unclear what's next for Kiley, who maintains he didn't participate in any criminal wrongdoing, believed investor money was safe, and didn't use investor money for personal purposes.


NEXT: Behind bars
Last updated August 06 2010: 3:48 PM ET
More Galleries
Google's logos through the years Google changed its logo for the fifth time in 17 years this week. Here's what the old ones looked like. More
How much you should have saved for retirement right now Joe is 50 years old and makes $70,000 a year. He should already have $364,000 saved for retirement. Are you on track? More
The stock market's wild week in 6 pictures It was the wildest week in stocks in recent memory. Here's photos and CNNMoney's tweets of reactions to the panicked selling on Monday and Tuesday, which gave way to a mad buying scramble on Wednesday and Thursday. And then...a selloff on Friday again. More

Special Offer