The assets belonging to Trevor Cook and Patrick Kiley, as well as their Oxford and Universal Companies, have been frozen after federal regulators charged the two men Tuesday with fraud and misappropriation in connection with an alleged Ponzi scheme.
Cook, who lives in Apple Valley and Kiley, who resides in Burnsville, are both accused of running a foreign currency scheme that allegedly defrauded hundreds of people out of more than $100 million.
According to the regulator's charges, Cook and Kiley misappropriated customer funds to purchase property, develop a hotel and casino in Panama, buy seven luxury cars, a house boat and a submarine and fund their frequent gambling.
The defendants allegedly solicited customers to trade foreign currency by fraudulently claiming that they earned more than 10 percent annual profits and sustained no losses.
Kiley is the host of the radio program "Follow the Money," which airs on radio stations nationwide.
A federal grand jury will decide whether the two men will face criminal charges.
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