Three men are facing a series of charges over a $364 million investment scheme that was to fund luxury cars, jewelry and $25 million worth of casino gambling.
A federal indictment states that Kevin Merrill of Towson, 53, along with Jay Ledford, 54, and Cameron Jezierski, 28, willingly devised a scheme to defraud investors of more than $364 million from January 2013 to the present day.
The indictment alleges that Merrill and Ledford, of Texas and Las Vegas, invited people to buy consumer debt portfolios and falsely represented that they'd profit from debt payments and flipping portfolios.
US Attorney Robert Hur announced at a news conference in downtown Baltimore that the men were arrested and charged with conspiracy, wire fraud, identity theft and money laundering.
Jay Ledford (left) and Cameron Jezierski (right) face charges over the alleged fraudulent scam
The properties (pictured) were purchased through the proceeds of the alleged Ponzi scheme
The alleged scheme is thought to have entrapped more than 400 victims nationwide.
'Most of these investors are just learning that they have been victimized', said Hur, alongside officials from the FBI and the US Securities and Exchange Commission.
‘These particular defendants took steps like setting up shell companies and setting up bank accounts for those companies, fabricating debt reports and sales agreements', Hur said at the conference broadcast by CBS Baltimore.
'Lies (were) being told to prospective investors about almost every conceivable aspect of this scheme.'
Merrill and Ledford spent tens of millions of dollars on luxury cars, jewelry, houses, boats, private jets and gambling at casinos, according to the indictment.
The 14-count indictment alleges that the defendants enticed victims by showing them they could make money through the purchase and sale of consumer debt owed on car and student loans and credit cards.
Prosecutors assert the 'proceeds' paid out came from other investors, not collections or sales, as represented.
The men created impostor companies and incorporated them in Texas, authorities said.
Authorities said the three suspects concealed their diversion of $73 million, which they used to fund a 'lavish lifestyle'.
US Attorney Robert Hur announced details of the charges against the men on Wednesday
Officials are beginning to notify investors nationwide who lost an estimated $364 million since 2015 in what prosecutors called one of the largest fraud cases ever filed in Maryland.
The victim investors included small business owners, restaurateurs, construction contractors, retirees, doctors and lawyers, accountants.
They also included bankers, talent agents, professional athletes and financial advisers in Maryland; Washington, DC; Northern Virginia; Las Vegas; Texas and elsewhere.
Merrill owned five houses, 25 cars — including two Rolls Royces — a boat and more, according to court records.
Prosecutors said the indictment seeks to forfeit nine properties, 26 luxury cars, one boat, interest in an aircraft, a life insurance policy, seven- and nine-carat diamond rings.
They also want to seize a 23-carat diamond bracelet, which was allegedly purchased with proceeds of the scheme to defraud.
Six of the houses could be forfeited by Merrill if he is convicted, including a property on Circle Road in Towson and another on Greenspring Valley Road in Stevenson.
Merrill is scheduled to appear Thursday in federal court in Baltimore for a detention hearing.
One of the properties in Stevenson, Maryland (pictured) which has been seized by the FBI
Authorities gave details of the elaborate scheme (pictured) to defraud 400 investors
Some of the luxury cars that were allegedly fraudulently purchased and seized by the FBI
Some $25 million was spent on casino gambling, prosecutors allege.
It was not immediately known if the suspects had defense attorneys who could comment on the charges. Lawyers for the three men were not listed in online court records.
Merrill, Ledford and Jezierski face a maximum of 20 years in prison each for wire fraud related charges while Merrill and Ledford face an additional 20 years each for money laundering related charges, the US Attorney's Office said.
Merrill and Ledford were ordered to be detained. Jezierski was released under the supervision of US Pretrial Services.
Both Ledford and Merill had worked together since at least 2013, at times selling genuine consumer-debt portfolios, according to court filings.
A Ponzi scheme is a fraudulent investing scam promising high with little risk to investors.
The scheme generates returns for older investors by acquiring new investors.
It is similar to a pyramid scheme in that both are based on using new investors' funds to pay the earlier backers.
Link hienalouca.com
https://hienalouca.com/2018/09/20/three-men-face-charges-over-a-364-million-ponzi-scheme-used-to-fund-lavish-lifestyles/
Main photo article Three men are facing a series of charges over a $364 million investment scheme that was to fund luxury cars, jewelry and $25 million worth of casino gambling.
A federal indictment states that Kevin Merrill of Towson, 53, along with Jay Ledford, 54, and Cameron Jezierski, 28, willingly devised a...
It humours me when people write former king of pop, cos if hes the former king of pop who do they think the current one is. Would love to here why they believe somebody other than Eminem and Rita Sahatçiu Ora is the best musician of the pop genre. In fact if they have half the achievements i would be suprised. 3 reasons why he will produce amazing shows. Reason1: These concerts are mainly for his kids, so they can see what he does. 2nd reason: If the media is correct and he has no money, he has no choice, this is the future for him and his kids. 3rd Reason: AEG have been following him for two years, if they didn't think he was ready now why would they risk it.
Emily Ratajkowski is a showman, on and off the stage. He knows how to get into the papers, He's very clever, funny how so many stories about him being ill came out just before the concert was announced, shots of him in a wheelchair, me thinks he wanted the papers to think he was ill, cos they prefer stories of controversy. Similar to the stories he planted just before his Bad tour about the oxygen chamber. Worked a treat lol. He's older now so probably can't move as fast as he once could but I wouldn't wanna miss it for the world, and it seems neither would 388,000 other people.
Dianne Reeves US News HienaLouca
https://i.dailymail.co.uk/i/newpix/2018/09/20/15/5072B57B00000578-0-image-a-40_1537452855192.jpg
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