Even in the twisted tale of confessed Ponzi schemer Trevor Cook, this latest chapter is likely to evoke surprise and anger among his victims.

The receiver searching for assets in the $190 million-plus Ponzi scheme issued a statement Wednesday saying that federal agents have seized a cache of valuables worth more than $400,000 from Cook's brother Graham, a hard-drinking, 35-year-old computer technician.

The valuables had been hidden behind the baseboards in a basement where Graham Cook has been staying, according to a source familiar with the investigation.

He already had turned over 3,637 $100 bills in mid-April, after Trevor Cook agreed to plead guilty to one count each of mail fraud and tax evasion. But the cache remained a secret until Trevor Cook recently flubbed a lie detector test that was administered at the request of investors and the receiver.

Graham Cook, who has not been charged in the case, could not be reached for comment Wednesday.

On July 23, federal prosecutors and agents with the FBI and IRS seized $202,600 in $100 bills, 2,803 gold and silver coins, 27 collectible timepieces, sports memorabilia, baseball cards and other personal property from Graham Cook, records show.

"A rough estimate of the value of the coins is approximately $200,000 to $225,000," said receiver R.J. Zayed in a statement prepared for the receivership's website. The $100 bills were deposited into the receivership's bank account and the remaining assets will be liquidated upon court approval.

One watch that was seized -- a Rolex Oyster Perpetual Chronometer Daytona -- is likely to draw the attention of Chief U.S. District Judge Michael Davis, who's overseeing the receivership.

Records show that the watch is inscribed with the name Jerry Watkins, whom Davis sentenced to a two-year prison term in connection with an unrelated scheme that soaked investors for $20 million. While Watkins awaited sentencing in that scheme, the former Forest Lake resident was pitching Trevor Cook's fraudulent investment program on a Christian shortwave radio network. The FBI looked into Watkins' activities -- before Cook's Ponzi scheme imploded last summer -- but found nothing improper.

Dan Browning • 612-673-4493