Minn. money manager accused in $190M scheme is jailed
A Minneapolis money manager accused in an alleged $190 million investment scheme has been taken into custody after a federal judge found him in contempt.
Chief U.S. District Judge Michael Davis ruled on Monday that 37-year-old Trevor Cook 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. They say he ran an investment scheme that bilked at least $190 million from at least 1,000 victims.
In court Monday, attorney William Mauzy said Cook asserted his constitutional right not to incriminate himself, and that jailing him would be punitive.
Davis disagreed. To clear the charge, Cook must do several things, including surrendering $27 million in offshore accounts, a BMW, and two Lexus automobiles.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
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