Feds charge former money manager in $190M Ponzi scheme
A former money manager from Apple Valley has been charged in federal court with tax evasion and mail fraud in connection with a $190 million Ponzi scheme he allegedly orchestrated, authorities said Tuesday.
Trevor Gilson Cook, 37, of Apple Valley was jailed in January after a federal judge found him in contempt.
According to court documents filed Tuesday, Cook executed a scheme to defraud at least 1,000 people by selling investments in a foreign currency trading program.
Instead of investing the money, Cook is accused of diverting the money and using it to pay back previous investors. He is also accused of providing funds to deceive Swiss banking regulators and paying to have an ownership interest in two trading companies.
Create a More Connected Minnesota
MPR News is your trusted resource for the news you need. With your support, MPR News brings accessible, courageous journalism and authentic conversation to everyone - free of paywalls and barriers. Your gift makes a difference.
Authorities said Cook also used the money to buy real estate in Panama, pay off gambling debts and acquire the Van Dusen mansion in Minneapolis.
Cook allegedly promised investors they would see returns of 10 to 12 percent, but authorities say he sent them statements containing false information.
Cook was jailed after Chief U.S. District Judge Michael Davis ruled he violated a court order requiring him to turn over investor assets.
The U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission have filed lawsuits against Cook.
(The Associated Press contributed to this report.)