A former money manager from Apple Valley has pleaded guilty to defrauding investors out of $190 million through a Ponzi scheme.
Trevor Gilson Cook pleaded guilty Tuesday to one count of mail fraud and one count of tax evasion.
According to a plea agreement reached with federal prosecutors, Cook's scheme defrauded at least 1,000 people.
From January 2007 through July 2009, Cook told investors he was selling investments in a foreign currency trading program. Instead, he was diverting much of the money and using it both to pay previous investors and continue the scheme.
Jeanne Cooney of the U.S. Attorney's Office says efforts are underway to help his victims.
"There are people working on recovering assets relative to this case. So, Hopefully victims will receive some kind of restitution in the months ahead," Cooney said.
According to court documents, Cook provided funds to deceive Swiss banking regulators and paid to have an ownership interest in two trading companies.
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 promised investors they would see returns of 10 to 12 percent, but authorities say he sent them statements containing false information.
Cook faces up to 20 years in prison for mail fraud and up to five years for tax evasion.