Millionaire Kevin Merrill Pleads Guilty to Large Ponzi Scheme

Posted on May 20th, 2019 at 4:14 PM
Millionaire Kevin Merrill Pleads Guilty to Large Ponzi Scheme

From the Desk of Jim Eccleston at Eccleston Law LLC:

A Towson millionaire pleaded guilty Thursday in a $550 million Ponzi scheme – one of the largest ever charges in Maryland. Federal prosecutors called Kevin Merrill the front man in a fraud to dupe vulnerable investors out of hundreds of millions of dollars.

According to the DOJ Press Release dated May 16, 2019, 53 years old Kevin B. Merrill, pleaded guilty to conspiracy and wire fraud arising from a $550 million investment fraud scheme that operated from 2013 through September 2018. Co-defendant Cameron R. Jezierski, 28, of Fort Worth, Texas, previously pleaded guilty to his role in the scheme.

According to the plea agreement, beginning in January 2013, Merrill and his co-conspirators perpetrated a Ponzi scheme to defraud investors of more than $394 million. Specifically, Merrill and co-conspirator invited investors to join them in purchasing consumer debt portfolios promising 20% return in 90 days. Merrill, using the names of collection business he owned, including Delmarva Capital and Global Credit Recovery, among others, forged paperwork, IRS forms and other documents. Merrill never bought the debt. Instead he used money to buy himself high-end homes in Maryland and Florida, luxury automobiles, jewelry, artwork, a share in a jet plane, and support a lavish lifestyle.

According to the related complaint in the civil litigation filed by the SEC, the victim investors include small business owners, restauranteurs, construction contractors, retirees, doctors, lawyers, accountants, professional athletes, and talent agents, located in Maryland, Washington D.C., Northern Virginia, Denver, Texas, Chicago, New York, and elsewhere.

Merrill faces a maximum of 40 years in prison for the wire fraud conspiracy and for wire fraud, as well as possible fine of $500,000, or twice the gross the gross gain. Merrill’s wife, Amanda Merrill, 30, is now charged a co-conspirator in the case.

The attorneys at Ecclestone Law are investigating the fraud. Those investors who are interested should contact our firm.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: james eccleston, eccleston law, eccleston law llc, eccleston, kevin merrill, ponzi scheme, wire fraud, cameron jezierski

Return to Archive

TESTIMONIALS

Previous
Next

Thank You from the bottom of our hearts for all you have done for us. When we realized this was a very bad investment - we did not know where to turn for help. Then we received your name. When we called you - you were so kind to us and then agreed to help us. For this we are so very grateful. The world would be a much nicer place if there were more people like the two of you in it. We will always remember all the help and kindness you have shown us. Thank you so very very much for everything.

Wayne and Judy S.

LATEST NEWS AND ARTICLES

October 26, 2021
Former Advisor Fails To Reverse Bar After Alleged $1 Million Theft From RBC

A former RBC Wealth Management advisor lost his bid to reverse an industry bar, according to an appellate decision issued by the Financial Industry Regulatory Authority (FINRA).

October 25, 2021
Firms Walk Thin Regulatory Line In Referring Self-Directed Clients To Advisors

While online trading platforms have surged in popularity during the pandemic, brokerage firms view self-directed investors as a source of new clients.

October 22, 2021
TIAA Sues Former Advisors For Allegedly Soliciting Clients

Teachers Insurance and Annuity Association of America (TIAA) filed suit against three of its former Connecticut advisors for allegedly soliciting TIAA clients to join them at their new firm.