Financial Advice Host Probed For Ponzi Scheme
September 3, 2009 at 4:52 AM (PT)
A financial talk show host whose program aired on the shortwave WORLDWIDE CHRISTIAN RADIO network and HUBBARD Talk KSTP-A/ST. PAUL-MINNEAPOLIS is being investigated for possibly running a Ponzi scheme.
Investors in PAT KILEY's investment programs have filed suit to try to get their money back, and the MINNEAPOLIS STAR-TRIBUNE, which has been investigating KILEY's business itself, reports that almost 150 people have contacted the paper saying they can't get at the over $30 million they invested.
The paper says that investors were told that their money was in accounts at a Swiss firm that has gone bankrupt, but that the accounts seem never to have existed, with the money instead going into accounts in the U.S. held by KILEY or his associates, then vanishing. KILEY's brothers, from whom he is estranged, are former radio personalities.