Kevin B. Merrill, Jay B. Ledford, & Cameron Jezierski Allegedly Ran a $345 Million Ponzi-like Scheme; The SEC Has Obtained an Emergency Asset Freeze
Kevin Merrill, Jay B. Ledford, & Cameron Jezierski allegedly raised over $345 million from over 230 U.S. investors as part of a purported Ponzi-like scheme, according to an SEC Complaint under review by investor rights attorney Alan Rosca.
Kevin Merrill, 53, of Towson, Maryland, Jay Ledford, 54, of Westlake, Texas, and Las Vegas; and Cameron Jezierski, 28, of Fort Worth, Texas, now reportedly face charges of alleged conspiracy, wire fraud, identity theft and money laundering in the scheme that many officials have called one of the largest alleged schemes in Maryland history, the SEC reports.
Alan Rosca, of the Goldman Scarlato & Penny PC law firm, is investigating activity related to Kevin Merrill, Jay Ledford, & Cameron Jezierski’s alleged Ponzi-like scheme. Investors who believe they may have lost money in activity related to Kevin Merrill, Jay Ledford, & Cameron Jezierski are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.
The SEC also obtained an emergency asset freeze and the appointment of a receiver, the Complaint notes, and, in a parallel action, the U.S. Attorney’s Office for the District of Maryland announced criminal charges against Merrill, Ledford, and Jezierski.
Stephanie Avakian, Co-Director of the SEC’s Division of Enforcement, has made the following statement:
The defendants touted their purported investment expertise to siphon millions of dollars from unsuspecting investors. We filed this action on an emergency basis to put a stop to this fraud and protect investors from further harm.
Kevin B. Merrill, Jay B. Ledford and Cameron Jezierski Allegedly Lured Investors with Promises of Big Profits from Buying & Reselling Consumer Debt Portfolios
Kevin B. Merrill, Jay B. Ledford and Cameron Jezierski allegedly lured investors to their purported scheme by promising large profits from the purchase and resale of consumer debt portfolios, according to the aforementioned SEC Complaint under review by attorney Alan Rosca.
In reality, however, said defendants were allegedly using an intricate pattern of deceit, fabricated documents, and forged signatures in a detailed scheme to entice investors and carry out the alleged fraud, the Complaint states.
Merrill, Ledford and Cameron Jezierski, rather than directing investor funds to the acquisition and servicing of debt portfolios as promised, allegedly implemented said funds to make Ponzi-like payments to earlier investors, the Complaint notes.
Merrill and Ledford also allegedly stole at least $85 million of the investor funds to maintain luxurious lifestyles, and spent millions of dollars on fancy items, including $10.2 million on at least 25 high-end cars, $330,000 for a 7-carat diamond ring, $168,000 for a 23-carat diamond bracelet, millions of dollars on luxury homes, and $100,000 to a private fitness club, the Complaint states.
Kelly L. Gibson, Associate Regional Director of the SEC’s Philadelphia Regional Office, has also made the following statement:
We allege that the defendants engaged in a brazen fraud, deceiving investors to perpetuate their wrongdoing and line their pockets with ill-gotten gains. Investors should be warned that low-risk, high-return investments that never lose should be a red flag.
The SEC’s complaint, filed on Sept. 13 in federal district court in Maryland, charges Merrill, Ledford, and Jezierski, along with 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, with alleged violations of the antifraud provisions of the federal securities laws, the Complaint states.
Finally, the court granted the SEC’s request for an asset freeze, temporary restraining order, and the appointment of a receiver, and the SEC seeks disgorgement of allegedly ill-gotten gains and prejudgment interest, and financial penalties against the defendants, the Complaint reports.
Securities Lawyer Investigating
The Goldman Scarlato & Penny PC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Kevin Merrill, Jay Ledford, & Cameron Jezierski’s alleged Ponzi-like scheme. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, and has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.
Investors who believe they lost money as a result of Kevin Merrill, Jay Ledford, & Cameron Jezierski’s alleged Ponzi-like scheme may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at email@example.com, or through the contact form on this webpage.