Jun 13, 2012 at 6:29 am
MINNEAPOLIS (AP) - A federal jury in Minneapolis has convicted three men in a $194 million Ponzi scheme that victimized more than 700 people.
Jason ''Bo'' Beckman, Gerald Durand and Patrick Kiley were convicted Tuesday of a variety of charges including money laundering and wire and mail fraud.
They were accused of defrauding investors from 2005 and 2009 in a foreign currency trading program led by Trevor Cook. Cook pleaded guilty in 2010 to fraud and tax evasion and is serving 25 years.
The Ponzi scheme was Minnesota's second-largest, behind only the $3.65 billion fraud carried out by businessman Tom Petters, the Star Tribune reported (http://bit.ly/L3uLzc).