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. 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.