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.
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