The Securities and Exchange Commission has got an emergency court order to freeze assets in a foreign currency trading scheme that raised at least $190 million, Mondovisione reports. Federal regulators have charged a Minneapolis money manager and a Burnsville radio personality with running a Ponzi scheme that duped about 1,000 investors in a bogus currency investment scheme.

The SEC claimed Trevor Cook and Patrick Kiley were to deposit investors’ funds in separate accounts to trade in foreign currencies, but the duo instead pooled the funds in bank and trading accounts in the names of entities they controlled, such as UBS Diversified Growth and Universal Brokerage FX Management. Cook and Kiley misappropriated $42.8 million of investors’ money, alleges the SEC.

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