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
8 must-have travel apps Whether you've got wanderlust or an airline grievance, here are some apps to pack onto your phone. More
Hot stocks: 10 record breaking companies The S&P 500 is trading at all-time highs, and many well-known businesses are leading the charge. Time to buy or sell? More
My biggest retirement mistake Five CNNMoney readers share stories about saving that you can learn from. What they would do differently if they had another chance. More

Special Offer
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.