(Conservative) Radio host gets charged in Ponzi scheme

[MinneapolisMatt]

Conservative radio show host Pat Kiley claims he was just reading from a script when he told his worldwide radio audience in weekly broadcasts that he was a senior financial adviser and they could avoid financial Armageddon by entrusting him and his business partners with their money.

But federal authorities say he did much more than that. In an indictment unsealed Wednesday, Kiley was portrayed as an integral figure in the $194 million Trevor Cook Ponzi scheme that defrauded more than 700 investors.

Kiley's program, "Follow the Money," was carried on more than 200 stations nationwide, including KSTP Radio (1500 AM), and on the Worldwide Christian Radio network. He called his listeners "truth seekers" and drew them in, rich and poor alike, with promises of financial security, just as the bottom began to drop away from the stock market.

-snip-


Kiley, 73, of Minneapolis, had produced his radio program out of a home Cook owned in Burnsville. He invited listeners to call him to learn how they could protect their money. Hundreds did, and he spent hours with them on the phone, telling them that he was a senior economist and a financial adviser to the family that owned the Kroger stores as well as engendering sympathy by falsely telling some investors that his wife had been killed in an accident involving a drunken driver.

Kiley said in an earlier interview that Cook prepared the scripts and that he had no choice but to go along. He has told federal authorities that he believed in Cook's currency investment strategy and just wanted to help investors.


More: http://www.startribune.com/business/125914273.html

:nopity:

[MrScorpio]

1. Another Reich Wing Crook...

Color me surprised.

[Sarah Ibarruri]

2. Gee, I'm so surprised that a right winger would be a crook! I'm simply shocked! lol nt

[KharmaTrain]

3. A Fool And Their Money...

This guy reminds me of Kevin Trudeau...another one whose been indicted on running a Ponzi scheme but I still see him around trying to hustle people out of money. But it's ripe pickins out there. These people have slick presentations that make you feel like a total loser. How could you only be earning 4% on a guaranteed security when this dude will get you 10 or 15 or 20 percent...and don't take his word for it, he'll show you a list of "references" and you'll hear a symphony of success stories. Yep, it's all smoke & mirrors but the face he's on the radio means he must be credible. And that's the real pity. At one time that used to be the case...stations were held responsible for all their programming...even the "paid for" shows. And note how he also preyed on listeners to Christian radio...no surprise there.

So they shut one huckster down...there's more out there who fill the airwaves. Once again the moral of the story is ..."if it looks too good to be true...it isn't".

[Courtesy Flush]

4. A federal investigation?

Look who's turning to the federal government when the chips are down! Sorry, investors. We'd love to help you, but our budget has been cut.

[MineralMan]

5. Finally.

That show ran here in the Twin Cities, and I used to hear it sometimes. What a moron Kiley is! I couldn't believe he wasn't charged as soon as the Ponzi scheme was discovered.

[DFW]

6. The "Worldwide Christian Radio Network?"

Well if their "investment advisers" were so hooked up with Christ, maybe they can all pray for divine restitution.

I knew a guy back in Virginia who was using a "Christian" network of believing investors for his real estate investments
in Florida (Palm Beach or some such place-I don't know Florida very well). Apparently, "in God we trust" would have been
better advice than "in the Godly we trust," because I have seen the guy pop up, much to my surprise, in England, France
and Belgium in the last few years, and then he said his wife "liked Spain better," so he was moving to Alicante, and he
vanished again. Last I heard, the FBI was looking for him. I hope their guy(s) in Spain like paella.........

[Kurmudgeon]

7. Sad they are allowed to do that. Christ said beware false prophets.

[Courtesy Flush]

8. I see what you did there. nt