New York Securities Lawyer Blog
Patrick Kiley, a 75 year old radio host, was sentenced to 20 years in federal prison by a Minnesota Federal Judge for perpetrating a $194 million Ponzi Scheme which defrauded 1,000 victims. Between 2005 and 2009, Kiley and his 3 co-defendants, solicited investments for foreign currency trading and promised investors guaranteed returns of 10.5 – 12%. Kiley would often promote this investment scheme on his former radio show, “Follow The Money,” which was syndicated on 200 nationwide stations, including Worldwide Christian Radio. During his radio show, Kiley would provide listeners with advice as to how to avoid financial ruin by providing their life savings and nest egg to his company for the foreign currency investment. The Judge who convicted and sentenced Kiley determined that Kiley would lure unsophisticated radio listeners into investing in his company by using religious affiliations. Kiley was convicted of 12 counts of wire and mail fraud, 1 count of conspiracy to commit wire and mail fraud, and 2 counts of money laundering. Kiley, and his co-defendants, were ordered to pay $155 million in restitution to the victims.
Lax & Neville LLP has nationally represented small broker-dealers, financial services professionals and securities industry companies in regulatory matters and securities-related and commercial litigation. Additionally, Lax & Neville has extensive experience in successfully prosecuting claims on behalf of customers who have suffered losses, including losses suffered in Ponzi Schemes. Please contact our team of attorneys for a consultation at (212) 696-1999.