By: E&P Staff
A former syndicated talk radio host accused by the Securities and Exchange Commission of promoting a Ponzi scheme has filed a $42 million lawsuit against the Star Tribune in Minneapolis, the St. Paul Pioneer Press, and three reporters.
Pat Kiley says in the suit filed in U.S. District Court in Minneapolis earlier this week that he waas defamed after the SEC named him as a co-defendant with money manager Trevor Cook in a civil lawsuit. Cook pleaded guilty to running a $190 million currency trading Ponzi scheme and is scheduled to be sentenced later this month. Kiley said he was unaware the scheme was a fraud when he promoted it on his radio show “Follow the Money.”
Kiley, who is representing himself in the suit, is demanding damages of $6 million from the Star Tribune, $3 million from the Pioneer Press, and $10 million from his former cohost. The suit also names reporters Dan Browning, Sarah Gorvin and Frederick Melo as defendants.