‘Devastating Effects’<\/strong><\/h2>\nIn reality, few portfolios were purchased at all. Instead, the fraudsters allegedly hit the gaming tables and luxury car showrooms, while paying out $197 million to early investors as \u201cproceeds\u201d from funds invested by later investors, in classic Charles Ponzi style.<\/p>\n
\u201cFederal prosecutors, FBI agents, and our SEC partners together interrupted an ongoing fraud scheme, with the potential to victimize even more people,\u201d said Robert K. Hur, US Attorney for the District of Maryland.<\/p>\n
\u201cMost of these investors are just learning that they have been victimized,\u201d he added.\u00a0\u201cThe effects of this kind of fraud can be devastating.\u00a0 We urge anyone who thinks they may be a victim to contact the FBI.\u201d<\/p>\n
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Three men accused by the FBI of operating a $364 million Ponzi scheme allegedly blew $25 million on high-stakes casino gambling, according to an indictment unsealed following their arrests on Tuesday. Kevin B. Merrill, of Towson, Maryland, Jay B. Ledford of Westlake, Texas, and Cameron R. Jezierski, of Fort Worth, Texas, were indicted by a […]<\/p>\n","protected":false},"author":36,"featured_media":88630,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,18],"tags":[],"acf":[],"yoast_head":"\n
Three Indicted for Alleged Million Ponzi Scheme Blew Millions in Casinos<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n