Quick recap: To those who don’t remember: Crown Forex S.A. was a forex broker based in Switzerland. On 29/05/2009 FINMA closed Crown Forex S.A because of potential liquidity problems. FINMA is investigating the company and its executives. A month later we learned that there was another scandal associated with this broker – a Twin Cities fund manager was charged with scamming his investors for over $190 million, part of which was invested with Crown Forex. This fund manager, Trevor Cook, also appears to have used part of the money to acquire a controlling stake in Crown Forex S.A. Another significant fact that went unnoticed is that the same Trevor Cook appears to own 35% of JDFX – a well known Swiss forex liquidity provider.
Read the rest of the old story here.
Today: Alleged Minneapolis-Based Fraudster Trevor Cook Jailed for Failing to Surrender Assets in SEC Case
Legal Risk Factor Beneath Ripple’s Lawsuit from SECGo to article >>
Washington, D.C., Jan. 25, 2010 — A federal judge today ordered Minneapolis-area resident Trevor G. Cook jailed for failing to surrender more than $35 million in assets as a result of the Securities and Exchange Commission’s fraud charges and asset freeze against him.
The SEC filed a motion last month in U.S. District Court for the District of Minnesota, alleging that Cook had violated the court’s order freezing all of his assets. In a court hearing that concluded today, Chief Judge Michael J. Davis found Cook in civil contempt and U.S. Marshals escorted Cook from the courtroom to jail. Chief Judge Davis ordered that Cook remain in jail until he is in compliance with the court’s orders.
“Mr. Cook has elected to disregard the court’s orders and will now be a guest of the federal correctional system until he mends his ways,” said Merri Jo Gillette, Director of the SEC’s Chicago Regional Office.
Chief Judge Davis ordered Cook incarcerated until he, among other things, surrenders $27 million located in offshore accounts, a BMW and two Lexus automobiles, a submarine, a houseboat, a collection of expensive watches, a collection of Faberge eggs, Bon Jovi concert tickets, and $670,000 in cash.