MINNEAPOLIS (AP) — A former Minnesota radio host has been sentenced to 20 years in federal prison for his role in a $194 million Ponzi scheme that bilked more than 700 investors.
Seventy-five-year-old Patrick Kiley of Burnsville was sentenced Monday on charges including money laundering and wire and mail fraud.
Kiley had attracted 70 percent of the investors through his former radio program, “Follow the Money.”
But the investment product Kiley sold was a sham created by Trevor Cook. Cook was sentenced to 25 years in prison after pleading guilty to running a Ponzi scheme. Several other participants were sentenced to prison terms ranging from 7½ years to 30 years.
The Star Tribune (http://bit.ly/15gk56b) reports Kiley told the judge that what he once believed about Cook’s investment product turned out to be wrong.
Information from: Star Tribune, http://www.startribune.com