SEC Obtains Court Order to Freeze Assets of Three Businessmen Accused of Orchestrating a Ponzi Scheme

Posted on October 8th, 2018 at 10:00 AM
SEC Obtains Court Order to Freeze Assets of Three Businessmen Accused of Orchestrating a Ponzi Scheme

From the Desk of Jim Eccleston at Eccleston Law LLC:

The SEC has obtained a Maryland federal district court order to freeze the assets of three businessmen working out of Maryland, Deleware, and Texas who orchestrated a Ponzi scheme that raised more than $345 million from investors across the U.S.

More specifically, the SEC’s complaint alleged that Kevin B. Merrill, Jay B. Ledford, and Cameron Jezierski defrauded 230 investors, using much of the funds to finance luxury homes, high-stakes gambling, expensive cars and a jewelry collection including a 23-carat diamond bracelet.

Moreover, the three individuals through their entities, Global Credit Recovery, LLC, Delmarva Capital, LLC, Rhino Capital Holdings, LLC, Rhino Capital Group, LLC, DeVille Asset Management LTD, and Riverwalk Financial Corporation attracted investors to their scheme by promising significant profits from the purchase and resale of consumer debt portfolios.

However, in reality, rather than actually following through with their purported promises, the three individuals used the funds to make Ponzi-scheme like payments to earlier investors in order to fund their lavish lifestyle. 

In addition to the asset freeze, the court granted the SEC's request for a temporary restraining order and the appointment of a receiver. In its complaint, the SEC is seeking disgorgement, prejudgment interest and financial penalties against Merrill, Ledford, and Jezierski.

Eccleston Law is investigating this Ponzi-scheme. Those with information should contact our law 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, SEC, fraud, ponzi scheme

Return to Archive



We just wanted to say thanks for your work in helping us get back some of the money we lost. We are not by any means rich, but we have saved some money and we have done so through a tight-fisted approach to most everything we do. So losing a significant chunk of money hurt…especially at a time when everyone else was growing their accounts. We really appreciate the work you did.

Allan and Adele


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.