SEC Accuses Pat Kiley of Ponzi Scheme

Pat Kiley, host of the syndicated radio show Follow the Money, and his partner Trevor Cook have been sued by the Securities and Exchange Commission, which says the two defrauded investors of at least $190 million in a Ponzi scheme. The agency says in its complaint that Kiley and Cook sold investments through a series of shell companies and told investors their money would be kept in separate accounts and used for trading in foreign currencies. The complaint also alleges that Kiley pitched the investment on the air and that he and Cook used the money on a “$40 million-plus spending spree” that included paying Cook’s gambling debts, the building of a casino in Panama, and the purchase of a historic mansion.

2 thoughts on “SEC Accuses Pat Kiley of Ponzi Scheme

  • December 17, 2009 at 9:23 am

    I think this guy is a complete sociopath. He has never been registered by any securities industry governing body, or obtained any post secondary education. I’ve heard his show and seen his sales literature. It is beyond comprehension that he would be considered legitimate by any measure. Dan Browning of the Star Tribune, in Minneapolis, has been covering these developments closely. Read about some of the realities of this “good christian”.

  • December 10, 2009 at 2:31 pm

    I do feel sorry for all the people that lost money. Follow the money was about the best radio show I had ever heard. I thought he was a good christian and incapable of this. I do hope the invetsors get all or most of their money back. I will miss his show but better to prosecute him and his partner if they are guilty.

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