Former Christian Radio Host Sentenced For $194 Million Ponzi Scheme
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MINNEAPOLIS (WCCO) – The fourth man convicted in a $194 million Ponzi scheme – the second largest in Minnesota history – was sentenced Monday to 240 months in federal prison.
According to the U.S. Attorney General’s office, 75-year-old Patrick Kiley of Burnsville was convicted last June of 12 counts of wire and mail fraud, one count of conspiracy to commit mail and wire fraud and two counts of money laundering.
Kiley used to host a radio show called “Follow the Money” on the Worldwide Christian Radio network.
Kiley – along with ring leader Trevor Cook, Jason Bo-Alan Beckman, Gerald Joseph Durand and Christopher Pettengill – were all solely and jointly ordered to pay $155,359,411 in restitution to their victims.
The four men were accused of defrauding investors via a foreign currency trading program, promising them annual returns of 10 percent or better.
Cook pleaded guilty to fraud and tax evasion in 2010, and is currently serving 25 years in prison.
Former Wayzata businessman Tom Petters was at the center of Minnesota’s biggest Ponzi scheme, defrauding victims of $3.65 billion.