Minneapolis Man Sentenced for Making False Statement Related to Trevor Cook Ponzi Scheme

MINNEAPOLIS—Earlier today in federal court in Minneapolis, a 41-year-old Minneapolis man was sentenced for making false statements to federal investigators concerning assets connected to the multi-million-dollar Ponzi scheme orchestrated by Trevor Cook. United States District Court Chief Judge Michael J. Davis sentenced Jon Jason Greco to ten months in prison on one count of making a false and material statement. Greco was indicted on March 22, 2011, and pleaded guilty on July 18, 2011.

In his plea agreement, Greco admitted that in 2010, he lied to investigators about some foreign currency and coins he had placed in a locker at the Mall of America. He admittedly told investigators that the money belonged to him, and that he was not holding the money for anyone, even though he knew those statements to be false. As a result of Greco’s actions, the U.S. was unable to recover additional assets, valued at approximately $6,000. Those assets, along with other coins and currency recovered in the locker, were to be seized for the purpose of repaying the victims of the scheme.

On April 13, 2010, Cook pleaded guilty to federal criminal charges relative to orchestrating the scam itself. Through the scam, more than 900 investors were defrauded by providing money for trading in foreign currency that, in fact, did not occur. Pursuant to the terms of his plea agreement, Cook was to turn over all proceeds of the fraud for use in making financial restitution to the victims of the scam. In August of 2010, Cook was sentenced to 300 months in federal prison for orchestrating the scam.

The case against Greco was the result of an investigation by the Internal Revenue Service - Criminal Investigation Division and the Federal Bureau of Investigation. It is being prosecuted by Assistant U.S. Attorney Tracy L. Perzel.