Ponzi Scheme Promoter Sentenced to 22 Years in Federal Prison for $396 Million Scheme—The Largest Ever Charged in Maryland

DOJ - Department of Justice
DOJ - Department of Justice
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U.S. District Judge Richard D. Bennett today sentenced Kevin B. Merrill, age 54, of Towson, Maryland, to 22 years in federal prison, followed by three years of supervised release, for conspiracy and wire fraud arising from a $396 million investment fraud scheme that operated from 2013 through September 2018, with an additional $260 million in attempted investments at the time of Merrill’s arrest. Judge Bennett also ordered Merrill to pay restitution in the full amount of the victims’ losses, which will be determined later, but which is at least $189,166,116. Judge Bennett will also enter an order of forfeiture, with the exact amount of forfeiture still to be determined.