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.READ MORE: Woman Seriously Injured After 3-Story Fall At Fruen Mill
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.READ MORE: U Of M Student Who Was Reported Missing Is Found Dead
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.MORE NEWS: Budget Deals Remain Elusive As End Of Session Nears
Former Wayzata businessman Tom Petters was at the center of Minnesota’s biggest Ponzi scheme, defrauding victims of $3.65 billion.