ZERO HEDGE) Readers may recall that we have followed the federal government’s case against Kevin Merrill (see: here & here), a Baltimore resident indicted by the SEC and DoJ in late 2018 for operating the largest-ever Ponzi scheme in Maryland’s history.

Merrill swindled family offices and investors around the country for more than $345 million. The scheme worked by buying “consumer debt portfolios,” tranches of credit card debt, car loans, and student loans. However, very little of that was done, instead, he shifted the money from new investors to old investors. Here’s how the Ponzi worked:

Merrill has been in jail for at least a year – the house of cards crashed down last week when a federal judge sentenced him to 22 years in prison for defrauding investors, mainly hedge funds and family offices.

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