Minnesota Ponzi-Schemer Jailed for Refusing to Relinquish Submarine, Concert Tickets

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Photo: Time Life Pictures/Getty Images

Trevor Cook, a Minneapolis-based Christian radio host who has been accused of co-conducting a $190 million foreign-currency trading scheme, was jailed today for failing to surrender more than $35 million in assets to the SEC. According to the organization's press release, the items he refused to give up included:

$27 million located in offshore accounts, a BMW and two Lexus automobiles, a submarine, a houseboat, a collection of expensive watches, a collection of Faberge eggs, Bon Jovi concert tickets, and $670,000 in cash.

Now, one might wonder why the man would risk jail rather than relinquish these material things, but we think it's pretty clear.

Cash, no one's really spending super-conspicuously at the moment. Cars, watches, and knickknacks are replaceable, and the submarine he got off eBay for $40,000, a drop in the bucket in the whole scheme of things. But the chance to hear "Shot Through the Heart" live during the Circle world tour? They'll have to pry those tickets from his incarcerated hands.

Alleged Minneapolis-Based Fraudster Trevor Cook Jailed for Failing to Surrender Assets in SEC Case [SEC]