Minneapolis Talk Host Accused in Ponzi Scheme

RADIO ONLINE | , , | :am CT

Federal regulators are accusing syndicated talk radio host Pat Kiley, who is also a Minneapolis money manager, of defrauding at least one thousand people out of $190 million dollars in an alleged Ponzi scheme. The SEC is accusing Kiley of pitching a foreign currency investment scheme on his "Follow the Money" show, which has over 200 affiliates via the shortwave Worldwide Christian Radio network.

The SEC said Kiley and partner Trevor Cook worked together in holding investment seminars that allegedly defrauds investors -- with some of the money going Cook's gambling debt. The SEC also alleges that Cook and Kiley sold unregistered investments through shell companies.

The government agency has frozen the duo's assets and appointed a receiver while Liley and Cook are keeping a low profile.