Jason "Bo" Alan Beckman Charged for Role in Twin Cities Ponzi
Scheme with Trevor Cook Defrauding 1000 Investors
The SEC brought charges against Jason "Bo" Alan Beckman on Monday
for his alleged role in a $194 million
Ponzi schemethat authorities say defrauded approximately 1,000 investors. Last year,
Trevor Cook of Apple Valley, Minnesota, pled guilty to his role in the scheme and
was sentenced to 25 years in prison ("Apple Valley, MN Man Gets 25
Ponzi Scheme," Fox9, Aug. 24, 2010).
Beckman and Cook were partners at
Oxford Global Advisors, a firm claiming to specialize in foreign currency investments.
According to documents filed by the SEC, Beckman is accused of raising
$47.3 million from approximately 143 investors in a fraudulent, unregistered
investment offering. The suit alleges that the majority of investors believed
they were investing in a foreign currency program, and that, though investors
were told the program had guaranteed returns of 10.5 to 12 percent, less
than 20 percent of the funds raised were ever returned.
Beckman is also accused of making false representations to investors, namely
that they could withdraw their money at any time, which the suit claims
they were not allowed to do.
Beckman's wife, Hollie Beckman, also has been charged with securities
fraud. As reported by Twin Cities Business, she and Beckman allegedly
received $7.8 million of investors' funds and spent the money to keep
up a luxury lifestyle. The SEC has requested that the court freeze the
update on the Beckman / Cook Ponzi scheme here.