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Book Nook provides readers with insights into the world of books. Vick Mickunas takes you into the center of the publishing world with the latest book buzz, book reviews, and exclusive chats with authors..Home > Blogs > Book Nook > Archives > 2010 > June > 29 > Entry
First Oprah author wiped out by Ponzi scheme
This has not been a very good year for the best-selling author Jacquelyn Mitchard. According to an article in the Saint Paul Pioneer Press:
“Wisconsin author Jacquelyn Mitchard has seen a number of her dreams come true.
Her novel, “The Deep End of the Ocean,” was the first pick of Oprah Winfrey’s influential book club, and it later became a movie starring Michelle Pfeiffer. She’s launched a writer’s retreat on Cape Cod and recently adopted two daughters from Ethiopia orphaned by AIDS.
Mitchard, a widow, has also seen some dreams dashed. Among them, she learned last year that she’d lost virtually all her money in an alleged Ponzi scheme orchestrated by an Apple Valley money manager.
The alleged fraud is believed to have bilked more than 1,000 investors out of about $190 million, according to court papers, leaving many without retirement funds or life savings.
“We learned we’d lost everything in a crippling theft by a hometown boy posing as an investment counselor,” Mitchard wrote in an open e-mail to her readers and friends Thursday. “The guy promised to help some of the thousand victims recover their hard-earned life savings, but he lied to the federal judges.”
The “hometown boy” she refers to is Trevor Cook, a former investment manager who pleaded guilty in April to federal counts of mail fraud and tax evasion. Cook, 38, formerly of Apple Valley, has yet to be sentenced, but he could spend up to 25 years in prison for his crimes. Cook, who was ordered held in contempt of court in January, remains at the Sherburne County Jail, awaiting his fate.”
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Vick Mickunas
Permalink | Comments (5) | Post your comment | Categories: booms and busts
Comments
By Mark from St Paul
July 1, 2010 3:55 PM | Link to this
Bernie’s been making a lot of noise about having money stashed away, but given where he’s currently residing, I gotta think that’s BS meant to get him more favorable treatment from other inmates. Madoff never got beat up in prison, btw, those pictures stemmed from a fall after he collapsed from not taking (or taking) all his meds.
By waterboard madoff/no mre nice guy
June 29, 2010 5:10 PM | Link to this
Bernie and Trevor should spend some time on the”board” to find out where the money went. Premeditated crimes like these are most heinous. Pain and fear should be a daily experience for the rest of their lives. Let these two become poster children for negative consequences of financial swindling.
By irishguy
June 29, 2010 3:30 PM | Link to this
I agree Vick, these swindlers hurt, dozens, hundreds, or even thousands of people. Stealing their dreams, college funds, retirements, etc. etc. They deserve much harsher punishment than they typically receive.
By vick
June 29, 2010 2:14 PM | Link to this
Bernie Madoff supposedly could have secretly stashed away billions more. These types of con artists should be locked up permanently.
By lmj
June 29, 2010 12:50 PM | Link to this
25 years seems such a light sentence for fraud perpetrated on 1,000 clients. And he still reaped the benefits of the money.