Money manager charged in $190M Ponzi scheme

An Apple Valley, Minn., money manager is charged with orchestrating a Ponzi scheme that allegedly defrauded at least 1,000 victims out of $190 million.
APR 02, 2010
By  Bloomberg
An Apple Valley, Minn., money manager is charged with orchestrating a Ponzi scheme that allegedly defrauded at least 1,000 victims out of $190 million. Thirty-seven-year-old Trevor Cook was charged Tuesday in federal court in Minneapolis with mail fraud and tax evasion. The charges say that from July 2007 to July 2009, Cook told clients he'd invest their money in a foreign currency trading program with annual returns of 10 to 12 percent. Instead, officials say, he used the money for personal expenses and to keep the scheme going. His attorney, Bill Mauzy, told The Associated Press Wednesday that a plea agreement has been reached with prosecutors. Mauzy declined to discuss details, but says a guilty plea is expected in coming weeks. In November, the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission sued Cook and his financial partner, who hasn't been charged.

Latest News

'Bogged down' advisors just want to have fun (again)
'Bogged down' advisors just want to have fun (again)

Jim Cahn, of Wealth Enhancement Group, lifts the lid on his firm's partnership model, his views on RIA M&A, and the widely slept-on reason why advisors are merging into larger organizations.

Vestwell unveils new emergency savings account offering
Vestwell unveils new emergency savings account offering

The fintech firm is cementing its status in the workplace savings space with its latest ESA offering, which employers can integrate into their existing benefits package.

'Money Mimosas' and other ways to show your Valentine financial love
'Money Mimosas' and other ways to show your Valentine financial love

Wealth managers offer unique ideas for couples to grow closer emotionally and financially.

Limra research finds financial confidence on the rise among Black American workers
Limra research finds financial confidence on the rise among Black American workers

Survey findings suggest increased sense of financial security and more optimistic 2025 outlook, while highlighting employers' role in ensuring retirement readiness.

DOGE efforts sideswipe muni bonds backed by federal lease payments
DOGE efforts sideswipe muni bonds backed by federal lease payments

Falling prices for some securities within the $4 trillion state and local government debt market spotlight how the push to shrink spending is sending shockwaves across the US.

SPONSORED Record growth: Interval funds emerge as key players in alternative investments

Blue Vault Alts Summit highlights the role of liquidity-focused funds in reshaping advisor strategies

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.