Archive

3 charged in $364 million Ponzi scheme that entrapped hundreds of victims | TribLIVE.com
U.S./World

3 charged in $364 million Ponzi scheme that entrapped hundreds of victims

The Associated Press
WebCash2
Pixabay
249028webcash6
Flickr

BALTIMORE — Federal prosecutors in Maryland say three men are facing charges in a $364 million investment scheme that entrapped more than 400 victims nationwide.

U.S. Attorney Robert Hur announced at a news conference Wednesday that 53-year-old Kevin Merrill of Towson, 54-year-old Jay Ledford of Westlake, Texas, and Las Vegas, and 28-year-old Cameron Jezierski of Fort Worth, Texas, have been arrested and charged with conspiracy, wire fraud, identity theft and money laundering.

The indictment alleges that Merrill and Ledford invited people to buy consumer debt portfolios and falsely represented that they’d profit from debt payments and flipping portfolios. Prosecutors say “proceeds” paid out came from other investors, not collections or sales, as represented. They say the trio concealed their diversion of $73 million and bought homes, automobiles, jewelry and gambled $25 million.

TribLIVE commenting policy

You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.

We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.

While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.

We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers

We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.

We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.

We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.

We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.