RECOMMENDED VIEWING: ‘American Greed’ To Air Story On Trevor Cook Ponzi Scheme Tonight

“Talk Radio Takedown” from CNBC’s “American Greed” program is expected to air at 10 p.m. EDT today, after a National Hockey League playoff game concludes.

Visit the CNBC site.

Watch the teaser (part of which features the taped voice of one of Cook’s radio pitchmen and chief bloviators) . . .

The Cook/Kiley Forex fraud largely was aimed at conservative Christians and senior citizens.

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One Response to “RECOMMENDED VIEWING: ‘American Greed’ To Air Story On Trevor Cook Ponzi Scheme Tonight”

  1. Quick note: I posted this at RealScam.com and decided to post it here, as well.

    The show will-be an eye-opener for some folks. Although Cook’s fraud wasn’t the Ponzi-board type, it had a number of the same elements: magnetic personalities, a sense of exclusiveness, appeals to faith and political beliefs, the brick-and-mortar equivalent of “I got paid” or “social proof” (bogus statements mailed to show fictitious profits to give the investors a sense that something wholesome was occurring and to loosen purse strings so they’d invest more or possibly tell loved ones and friends to board the train) and a sudden collapse.

    This episode also offered a memorable line from a banker who assisted the FBI in infiltrating the scam and unraveling it:

    “Somehow they had merged into some conglomerate of fraud and scum-baggery.”

    The show also destroyed some of the myths that surface on the Ponzi boards: That a paying “program” is evidence no fraud is occurring, that a headquarters building or address is evidence no fraud is occurring, that hundreds (or thousands) of people cannot be wrong when they back a “program,” that a registered corporation (or corporations) is evidence no fraud is occurring, that silence by the SEC/FBI/CFTC is evidence no fraud is occurring or that a “program” has passed muster.

    Cook’s fraud destroyed all of those myths (and more — e.g., “guaranteed” profits and offshore “safety”). The banker Cook approached smelled the scam, called the U.S. Attorney and effectively became the government’s eyes and ears. He said he did it for a couple of reasons: senior citizens and unsophisticated investors were being ripped off to the tune of $190 million and legitimate financial professionals had a duty to their industry not to turn a blind eye to these scams.

    History shows that law enforcement infiltrated the Legisi and ASD schemes in a similar fashion — i.e., by finding ways to get inside to observe before bringing a case. And despite the fact all of this is a matter of public record — as is the sentencing enhancement when senior citizens get duped — the Ponzi-board hucksters continue to pretend that none of it matters.

    Patrick

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