Sunday, September 23, 2018

3 men charged in $364m Ponzi scheme

Kevin B. Merrill
Kevin B. Merrill, 53, Jay B. Ledford, 54, and Cameron Jeziersky, 28, have been nailed in the case and are accused of using a web of lies, forgeries and fake documents to carry out a massive fraud since 2013, using the money to fund lavish lifestyles, including dozens of luxury cars, jewelry, high-end real estate and gambling in Vegas.

About $197 million of the money was used to pay earlier investors. The three falsely told investors they would use the money to invest in consumer debt portfolios, generating profit by collecting on the payments people made on their debt or by selling the portfolios. It was all rubbish.

Jay B. Ledford

Cameron Jeziersky
"We allege defendants engaged in a brazen fraud, deceiving investors to perpetuate their wrongdoing and line their pockets with ill-gotten gains."
The indictment seeks the forfeit of nine luxury properties, 26 supercars, one boat, an aircraft, a life insurance policy, diamond rings, and jewelry.

If convicted on all charges, Merrill and Ledford each face up to 262 years in prison. Jazierski could face up to 120 years in prison. Merrill and Ledford were ordered detained. Jezierski was released under the supervision of U.S. Pretrial Services.