Christian Radio Host Indicted in Alleged $194 Million Investment Fraud
The host of the Christian radio program "Follow the Money" has recently been indicted in an alleged $194 million Ponzi scheme. Patrick Kiley, 73, was indicted last month in the reported scheme that may have caused many Christian families to lose their savings.
According to the government, Pat Kiley and others solicited investors to invest money in a foreign currency trading program known as Universal Brokerage Services or "UBS." The government alleges that about 700 investors were affected from 2005 - 2009, and that Mr. Kiley solicited many of the investors through his radio show. He allegedly told his listeners that a financial Armageddon was coming, and they could be saved by investing with him. He reportedly promised them a 10.5% -12% annual return with little or no risk to their assets.
Mr. Kiley alleges that he believed in the scheme, and he was simply reading a script provided by financial advisor Trevor Cook. Last August, Mr. Cook was sentenced to 300 months in federal prison for his alleged role in the investment scam. If Mr. Kiley is convicted of the charges filed against him, then he faces a potential 20 years in prison for each mail and wire fraud count, 10 years for each money laundering count, and 5 years on the conspiracy count.
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