3 convicted in $194 million Minnesota Ponzi scheme

Published



MINNEAPOLIS (AP) — A jury found four three men guilty Tuesday in a $194 million Ponzi scheme that victimized more than 700 people.

Jason “Bo” Beckman, Gerald Durand and Patrick Kiley were convicted on a variety of charges including money laundering and wire and mail fraud. Federal marshals immediately took all three into custody. They were accused of defrauding investors from 2005 to 2009 in a foreign currency trading program led by Trevor Cook, who pleaded guilty in 2010 to fraud and tax evasion and is serving 25 years.

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