Jason Bo-Alan Beckman, a brash Wayzata money manager who has claimed to be among the top financial advisers in the nation, was civilly charged Monday with participating in an elaborate $194 million investment fraud.
Beckman, 41, was an associate of Trevor Cook, an Apple Valley man who pleaded guilty last year to bilking about 1,000 investors in the $194 million Ponzi scheme. Cook, 38, was sentenced in August to 25 years in prison.
Lawyers for the Securities and Exchange Commission said Beckman raised at least $47.3 million from 143 individuals, of which only $8.2 million was returned to investors.
The government complaint says Beckman and his wife personally received $7.8 million from the illegal operation and used the funds to pay for "million dollar homes, luxury cars, foreign travel, country club expenses, a suite at professional hockey games and other trappings of a high-end lifestyle."
The lawsuit lists six counts of alleged securities and financial adviser violations against Beckman and one count against wife Hollie Beckman for receiving "ill-gotten funds."
Neither Beckman nor his attorney could be reached for comment. A hearing on the case before U.S. District Chief Judge Michael Davis is scheduled for 1 p.m. Tuesday.
Beckman has steadfastly denied any role in Cook's investment fraud, though he acknowledged collecting "rebates" for referring clients who invested in it.
Cook and Beckman were partners in Minneapolis-based Oxford Global Advisors, which promoted investments in foreign currencies. Cook was Oxford Global's chief investment director. Beckman said in earlier interviews that he stuck to trading equities through his own firm, the Oxford Private Client Group.