Call Now For a Free Consultation:
(614) 502-6165

Christian Radio Host Pat Kiley Indicted on Charges of Investment Fraud

Christian Radio Host Patrick "Pat" Kiley of "Follow the Money" has been indicted for his alleged role in a multi-million dollar Ponzi scheme orchestrated by Trevor Cook. The U.S. Attorney's Office in Minnesota filed criminal charges against Kiley, along with Jason Bo-Alan Beckman and Gerald Joseph Durand, on July 19.

According to authorities, Kiley solicited investors for Cook's firms, including Universal Brokerage Services, through his radio program, which was produced out of one of Cook's homes. On the program, Kiley allegedly represented himself as a senior economist and a financial adviser.

According to the Star Tribune, Kiley denies that he drew in his listeners in order to perpetuate Cook's scheme. Instead, he insists he believed the foreign currency trading program was a legitimate opportunity. He further stated that his statements about his economic and financial aptitude and experience were part of a script written by Cook. Kiley said he had no choice but to read it. (To learn more about Kiley's comments, read the article here.)

The SEC filed a civil complaint against Kiley and Cook in November 2009. The SEC's complaint made the same allegations as the criminal charges filed last week by the U.S. Attorney's Office. The SEC's case against Kiley is still pending. (For additional details, read the SEC Litigation Release here.)

In August of 2010, Trevor Cook pled guilty to mail fraud and tax evasion for the $194 million foreign currency investment scheme. He also admitted to being the chief orchestrator. He was ordered to pay $155 million in restitution and sentenced to 25 years in federal prison.

Kiley, Beckman, and Durand are each charged with conspiracy, 11 counts of mail and wire fraud, and six counts of money laundering. Kiley has been released on a $100,000 unsecured bond.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation

Columbus Office

614-224-6000
305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

310-905-8688
2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

216-600-1355
6140 Parkland Blvd.,
Suite 330
Mayfield Heights, OH 44124
Bloomfield Hills Office

248-817-8214
41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
Follow Us
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram