Earlier this week Trevor G. Cook, a onetime money manager charged with operating a foreign currency trading scheme, was jailed for being in contempt of court. A federal judge in Minnesota had been trying to enforce an order granted to the Securities and Exchange Commission (SEC) forcing Cook to hand over more than $35 million in assets when Cook’s unwillingness to comply landed him in jail.
At issue are offshore accounts which hold a reported $27 million, multiple luxury cars, a houseboat, a collection of Faberge eggs, $670,000 in cash…and a submarine…among other things. Merri Jo Gillete, director of the SEC’s Chicago Regional Office had this to say regarding Cook: “[He] has elected to disregard the court's orders and will now be a guest of the federal correctional system until he mends his ways.”
Cook was charged in November of last year for his part in an alleged foreign currency trading scheme involving $190 in investor assets. Also implicated was nationally syndicated radio host Patrick J. Kiley who pitched the scheme on his show, “Follow the Money.” Both are charged with selling unregistered securities products to investors through shell companies while claiming returns on 10% - 12% on capital.
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