A recent interim distribution of $50 million represents a key milestone in one of the 20 largest Ponzi schemes in U.S. history.
AUSTIN, Texas, Jan. 10, 2023 /PRNewswire/ — Gregory S. Milligan of Harney Partners has served as Court-Appointed Receiver for approximately 40 individuals and entities since 2018 in one of the largest securities Ponzi schemes in U.S. history, which included parallel criminal proceedings that resulted in the successful prosecution and conviction of defendants Kevin B. Merrill, Jay B. Ledford, and Cameron R. Jezierski by the U.S. government. From 2013 to 2018, Merrill, his co-conspirators, and their affiliated entities took in more than $394 million from more than 230 investors to purportedly purchase consumer debt portfolios. The recovery of the stolen money began in earnest on September 13, 2018, when Milligan was appointed Receiver by the United States District Court for the District of Maryland at the request of the Securities and Exchange Commission.
Merrill and his co-conspirators returned some $248 million to investors prior to their arrest, churning the monies in Ponzi-like fashion while claiming the returns were the result of debt portfolio collections and sales. The majority of investors, at least 160, lost 50% or more of their principal investment, with 74 investors losing…
