Published June 12, 2012, 12:47 PM
Three men convicted of running $194 million Ponzi scheme in Minnesota
A federal jury in Minneapolis has convicted three men in a $194 million Ponzi scheme that victimized more than 700 people.By: Associated Press report, Associated Press
MINNEAPOLIS — A federal jury in Minneapolis has convicted three men in a $194 million Ponzi scheme that victimized more than 700 people.
Jason “Bo” Beckman, Gerald Durand and Patrick Kiley were convicted Tuesday of a variety of charges including money laundering and wire and mail fraud.
They were accused of defrauding investors from 2005 and 2009 in a foreign currency trading program led by Trevor Cook. Cook pleaded guilty in 2010 to fraud and tax evasion and is serving 25 years.
The Ponzi scheme was Minnesota's second-largest, behind only the $3.65 billion fraud carried out by businessman Tom Petters, the Star Tribune reported.
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