Dum-di-di-dum, di-di-dum, di-di-do…. (click to listen)
With failing economies, failing banks and failing stocks, bonds, IRAs, mutual funds, you can make profits during chaotic times…
We have for 21 years
And with the current credit crisis and the sub-prime mortgage scandals many top US financial institutions have to borrow money from the Federal Reserve just to keep their doors open and now many banks are unsafe. To understand how multi-national corporations make large profits in a depressed economy you have to understand their secret..
For years they’ve utilised the foreign currency exchanges , foreign bank interest rates and arbitrage for large profits…
So went the sales guff for an investment scheme run by a syndicated radio show fronted by one Pat Kiley.
On Tuesday, the SEC finally obtained an emergency court order freezing the assets of Kiley’s Minneapolis-based money management firm, which had managed to raise at least $190m from more than 1,000 investors from July 2006 through at least July 2009.
We say “finally”, since there was plenty of evidence back in July that something was seriously wrong with Kiley’s operation. As the Minneapolis Star Tribune recorded at the time, investors were already queueing — and failing — to get their money back.
Better late than never, perhaps – although the SEC says much of the money has now gone on gambling losses, risky forex punts and the hideous pile that is the Van Dusen Mansion in Minneapolis.
According to the SEC, Kiley and co-conspirator Trevor Cook said they would deposit investors’ funds in separate accounts to trade in foreign currencies, promising annual returns of 10 to 12 per cent. The investments were pitched on Kiley’s “Follow the Money” radio show, syndicated by stations across the US.
Instead, the money went into a string of unregistered vehicles with names like UBS Diversified Growth LLC and then on Ponzi-style payments to earlier investors, as well as the mansion, a Panamanian casino and the gambling debts.
Specifically, Kiley and Cook are alleged to have stolen $43m of investors money; a further $51m went on Ponzi payments. Another $108m went into various shell companies, where some $48m was lost trading FX.
It goes without saying that none of the Kiley entities using the UBS name were in any way connected with a certain Swiss bank.
Dum-di-di-dum, di-di, do, di-di-do…
If you want to talk to Pat directly call 1-888 292 8206
Idiotware available to download here for FREE.
To make money just ‘Follow The Money!’.
SEC V. TREVOR G. COOK, PATRICK J. KILEY, ET AL, Case No. 09 CV 3333 – SEC Litigation release