Three men have been indicted for allegedly luring investors into a Ponzi scheme that stole more than $364 million.
Jay B. Ledford of Westlake and Las Vegas, Cameron R. Jezierski of Fort Worth, and Kevin B. Merrill of Maryland, were all named in the indictment, according to the U.S. Department of Justice. Officials say Merrill and Ledford gathered investors by claiming they would purchase consumer debt portfolios. The defendants explained they would make money by collecting the payments people made on their debts, or by selling the portfolios for a profit to third party debt buyers.
Instead, all three men diverted more than $73 million to purchase and renovate high-end homes in Texas, Maryland, Nevada, and Florida, buy jewelry, luxury cars, boats, a share in a private jet, and gamble $25 million at casinos.
The victims of the Ponzi scheme are located around the country, and include doctors, lawyers, business owners, restaurateurs, retirees, construction contractors, talent agents, professional athletes, and financial advisors. Some are just now finding out that their money is gone.
If convicted, each man faces lengthy prison terms.
Have you been the victim of investment fraud? Do you think you were given misleading information in order to gain your investment? The Harris Firm has handled a number of cases involving investment fraud, and we’d be happy to take a look at your case.
