- Federal prosecutors have charged three men in connection with an alleged $ 364 million Ponzi scheme that could have more than 400 victims nationwide.
- The men were indicted on charges of conspiracy, wire fraud, identity theft, and money laundering.
- The indictment alleges that the three men took $ 73 million of investors’ funds “to purchase and renovate high end homes in Maryland, Texas, Nevada, and Florida, purchase luxury automobiles, jewelry, boats, and a share in a jet plane, gamble $ 25 million at casinos, and support a lavish lifestyle.”
A federal grand jury has indicted three men on charges related to an alleged $ 364 million ponzi scheme.
The three alleged fraudsters — Kevin B. Merrill, Jay B. Ledford and Cameron Jezierski — promised to pay investors significant profits from the purchase and resale of consumer debt portfolios, but in fact, they “touted their purported investment expertise to siphon millions of dollars from unsuspecting investors,” according to the SEC’s complaint. See the rest of the story at Business Insider
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