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Baltimore And Texas Men Indicted For Alleged $364 Million Ponzi Scheme—One Of The Largest Ever Charged In Maryland

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justice.gov/usao-md/pr/bal…

Scheme Believed to Have Over 400 Victims Nationwide, Including Individual, Family Offices, and Investment Groups – FBI Seeking Information Regarding Additional Victims; SEC has Filed Related Civil Complaint

Baltimore, Maryland – A federal grand jury has indicted three men on charges of conspiracy, wire fraud, identity theft, and money laundering, arising from an alleged $364 million investment fraud scheme.

The indictment was returned under seal on September 11, 2018, and unsealed on September 18, 2018, upon the arrests of the defendants. Charged in the indictment are:

• Kevin B. Merrill, age 53, of Towson, Maryland;

• Jay B. Ledford, age 54, of Westlake, Texas and Las Vegas, Nevada; and

• Cameron R. Jezierski, age 28, of Fort Worth, Texas.

The indictment was announced by United States Attorney for the District of Maryland Robert K. Hur and Special Agent in Charge Gordon B. Johnson of the Federal Bureau of Investigation, Baltimore Field Office.

A related enforcement action and complaint was announced by the U.S. Securities and Exchange Commission Co-Director of Enforcement Stephanie Avakian.

“Federal prosecutors, FBI agents, and our SEC partners together interrupted an ongoing fraud scheme, with the potential to victimize even more people. According to the indictment, the defendants lured investors through an elaborate web of lies,

duping them into paying millions of dollars into this Ponzi scheme,” said U.S. Attorney Robert K. Hur. “Most of these investors are just learning that they have been victimized. The effects of this kind of fraud can be devastating.

We urge anyone who thinks they may be a victim to contact the FBI at [e-mail] .

“The FBI takes our responsibility to investigate and pursue those who commit fraud for personal gain very seriously,” said Special Agent in Charge Gordon B. Johnson of the FBI’s Baltimore Division.

“We will continue working with our law enforcement partners to hold accountable those who use illegal means and criminal behavior to take advantage of others.

We are committed to protecting investors from the illegal and deceptive practices Mr. Merrill and Ledford used to defraud investors out of their hard earned money and savings.”

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