Trevor Cook charged in $190M Ponzi scheme
Embattled foreign currency trader Trevor Cook, already confined to jail on a contempt order, was charged today with tax evasion and wire fraud related to an alleged $190-million Ponzi scheme that victimized more than 1,000 investors. The Strib reports that Cook may have reached a plea agreement.
Cook, as we reported, was ordered to jail in January by a federal judge because he refused to hand over more than $35 million in frozen assets. Among them: $27 million located in offshore accounts, a BMW and two Lexus automobiles, a submarine, a houseboat, a collection of expensive watches, a collection of Faberge eggs, Bon Jovi concert tickets, and $670,000 in cash.
The feds say that Cook, of Burnsville, along with business partner and nationally syndicated radio host Patrick J. "Pat" Kiley, ran a $190-million Ponzi scheme, based in part from the Van Dusen Mansion in Minneapolis. According to the complaint, the pair hoodwinked their victims into making allegedly safe, high-yield foreign currency investments that turned out to be neither. The money was used instead to make good on Cook's gambling debts, underwrite a lavish lifestyle, and purchase the Van Dusen mansion.