News

Minneapolis talk show host alleged to be a part of a $190 million Ponzi scheme

Published on Wednesday, November 25, 2009

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Patrick Kiley hosted a syndicated talk show called “Follow the Money,” which is exactly what the Securities and Exchange Commission did. In the end, the SEC alleges that Kiley and another man, both from the Minneapolis area, defrauded over 1,000 clients of $190 million in an elaborate Ponzi scheme involving foreign currency. In a statement, the SEC claims the pair “transferred $12.8 million to Panama to purportedly finance the construction of a casino,” bought mansions, luxury cars, created shell companies, and lost millions gambling. The assets of both men have been frozen by the government, and a receiver has been appointed by a court to oversee their assets. It’s alleged that people in 10 states and in Canada were defrauded by Kiley and his partner.

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