Crown Forex Defendant Cops To $190M Ponzi Scheme

Law360, New York (June 22, 2011, 11:47 AM EDT) -- A Minnesota man was freed on $25,000 bail after admitting on Tuesday that he conspired with Crown Forex SA principal Trevor Cook to foster a $190 million Ponzi scheme.

Christopher Pettengill, 54, pled guilty to one count of securities fraud, one count of conspiracy to commit wire fraud and one count of money laundering before U.S. District Judge Michael J. Davis.

"Pettengill admitted that from February through September of 2008, he knowingly concealed information from investors concerning the foreign currency program," prosecutors said in a statement....
To view the full article, register now.