Ponzi Suspect to Judge, ‘Jail Me’; Judge To Ponzi Suspect, ‘OK’; Minnesota’s Gerard Frank Cellette Jr. Booked Into Hennepin County Jail On 36 Felony Counts
Reporters prepare for news conference last month in the Gerard Cellette Ponzi case.
Gerard Frank Cellette Jr. was implicated by prosecutors in an alleged $53 million Ponzi scheme in Minnesota last month.
Cellette, 44, of Andover, Minn., asked a judge to jail him yesterday — and the judge granted his wish. Cellette now is Inmate No. 2009034708 in the Hennepin County Sheriff’s Jail. He was charged Nov. 5 with 36 felony counts of fraud in the offer and sale of securities.
The charges were brought by Hennepin County Attorney Mike Freeman. Cellette technically is jailed awaiting trial, but a trial may not occur because he is helping prosecutors unravel his own scheme.
Ponzi schemes are plaguing Minnesota. AdSurfDaily, an alleged $100 million Ponzi scheme operating from Florida, was popular in the state in 2008. Three weeks ago the SEC and the CFTC accused two Minnesota residents — Christian radio host Pat Kiley and money manager Trevor Cook — of operating a $190 million Ponzi scheme involving foreign currency trading.
Cook was said to have bought a private island in Canada with some of his loot — along with a submarine to access the island. Cook took the 5th Amendment at a proceeding last week.
Meanwhile, a jury in Minnesota returned a guilty verdict last week against Minnesota businessman Tom Petters in a $3.65 billion Ponzi scheme.
The early speculation in Minnesota is that Cellette knows he is going to serve time for his Ponzi scheme — so he might as well start serving it early and spare taxpayers the bill for a trial.
Ten of the 36 felony securities counts against Gerard Frank Cellette Jr. in Minnesota.
“The early speculation in Minnesota is that Cellette knows he is going to serve time for his Ponzi scheme — so he might as well start serving it early and spare taxpayers the bill for a trial.”
And he may well be safer in prison, if he has angry investors after him who may be unable to justify claims against him, for their own reasons. lol
Gerard seems to be a sick man. He has lied, took advantage of vulnerable people, & took their hard earned money. And for what a big house, material items, and to ruin 100+ peoples lives? People with children. Money isnt everything being a victim myself I thank god for our health & happiness but the stress he has put on so many others, our time, money for lawyers-that could go to so many other things to help his 100 victims, but no we have to fight him still cause why???? Why cant he just give up, apologize, admit he is wrong. He did but no one see the behind scenes, the request his attorney is asking for his civil suit everyone has joined together in to get something back. Is he a sociopath? Does lyinh, cheating, stealing, playing the victim, playing the good guy who tuirned himself in make him feel better? I dont know but I hope to god for everyone, including his family, that he stops!!!
He or his attorney seems to be trying to drag his victims down with him. His intent doesnt seem to save the tax payers money. If that was the case he wouldnt be fighting the civil suit his victims have filled. Instead he continues…
He or his attorney seems to be trying to drag his victims down with him. His intent doesnt seem to save the tax payers money. If that was the case he wouldnt be fighting the civil suit his victims have filled. Instead he continues…
This is the worst part of most ponzi schemes. Their founders lack the basic values of having a conscience. They dont care who they hurt and the consequences for their victims are often more far reaching than the money. They can cause breakdowns in family relationships and friendships as well as the loss of homes and even businesses.
To anyone who thinks that they can justify their participation in such schemes by using the excuse that we are free to invest in what we wish, or one of the other many excuses used, the present prosecutions should be a wakeup call.