Plymouth Man Pleads Guilty In Cook Ponzi Scheme
MINNEAPOLIS (AP) -- A Plymouth man has pleaded guilty to persuading others to invest in a multi-million-dollar Ponzi scheme orchestrated by Trevor Cook.
Fifty-four-year-old Christopher Pettengill pleaded guilty Tuesday to one count of securities fraud, one count of conspiracy to commit wire fraud, and one count of money laundering.
In his plea agreement, Pettengill admitted that from February through September 2008, he concealed information from investors about a foreign currency program sold by Pettengill, Cook and others. While concealing that information, prosecutors say Pettengill and his co-conspirators continued to secure millions of dollars in investment assets from investors while assuring them the investments involved little or no risk.
Cook was sentenced last year to 25 years in federal prison after pleading guilty to orchestrating the scheme.
Sentencing for Pettengill has not been scheduled.
(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)
