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Published March 08, 2011, 07:52 AM

Wayzata money manager accused in $194M fraud

MINNEAPOLIS (AP) — A Wayzata money manager is civilly charged with participating in a $194 million investment fraud.

MINNEAPOLIS (AP) — A Wayzata money manager is civilly charged with participating in a $194 million investment fraud.

Attorneys for the Securities and Exchange Commission allege Jason Bo-Alan Beckman raised at least $47.3 million from 143 individuals, but only $8.2 million was returned to investors.

According to the Star Tribune, the government complaint says Beckman and his wife personally received $7.8 million from the operation and used the funds to pay for "million dollar homes," luxury cars and foreign travel.

Beckman's wife, Hollie Beckman, calls the allegations "100 percent false." A phone message left with Jason Beckman's attorney was not returned Monday night.

Jason Beckman was an associate of Trevor Cook of Apple Valley, who was sentenced in August to 25 years in prison after pleading guilty to bilking about 1,000 investors in the $194 million Ponzi scheme.

Jason Beckman has denied any role in Cook's investment fraud.

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