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Prosecutor: Minn. Man Owes $50M In Ponzi Scheme

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Nov 5, 2009 9:50 pm US/Central

Prosecutor: Minn. Man Owes $50M In Ponzi Scheme

(WCCO) According to prosecutors, a Twin Cities businessman owes investors more than $50 million after taking their money in a Ponzi scheme.

Gerard Cellete Junior is accused of promising investors a 10 percent return on their money and using other peoples' money to make that happen.

Cellette said he made $14 million on the scheme.

He is in jail and charged with 36 counts of fraud.

(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)

© MMIX, CBS Broadcasting Inc. All Rights Reserved.