Minneapolis trader Trevor Cook admits to $190 million scam

Minneapolis money manager Trevor Cook, 37, who rose from sports bookie in college to multimillion-dollar commodities trader, choked back tears as he admitted Tuesday in federal court to running an international Ponzi scheme that defrauded more than 1,000 people out of at least $190 million.

"I lied to investors about a number of things," including the claim to have $4 billion in assets under management, he told U.S. District Judge James Rosenbaum.

Cook pleaded guilty to one count of mail fraud and one count of tax evasion, charges that carry a maximum penalty of 25 years in prison.