One of three defendants in an alleged $360 million Ponzi scheme that affected at least 400 people, mostly in Maryland, has reached a plea deal with federal prosecutors.
An undercover FBI agent discovered an alleged Ponzi-like scheme when he was offered the opportunity to invest $10 million. By Aaron Gregg Aaron Gregg Reporter covering the defense industry and government contractors. Email Bio Follow April 3 at 6:09 PM BALTIMORE — One of three defendants in an alleged $360 million Ponzi scheme involving hundreds of investors in Maryland and Virginia pleaded guilty Tuesday in an agreement with federal prosecutors.
The prosecutors say the alleged scheme was led by Merrill, 53, and Ledford, 55. Both face civil and criminal charges. The trio offered investors the chance to profit from consumer debt portfolios ― basically car, student loan and credit card debts that people have defaulted on, with assets that could be eligible for seizure. Prosecutors alleged the defendants actually were diverting the payments they received for those investments into their own pockets and to pay off earlier investors. Prosecutors say investors were cheated out of more than $360 million.
Prosecutors said Jezierski began working for his co-defendant, Ledford, at Riverwalk Financial Corp. in Texas in October 2014. According to the plea agreement, which was signed by Jezierski and his attorney, Jezierski worked as a financial data analyst at Riverwalk and become chief operating officer in 2017, at which point he was drawn into a fraudulent scheme led by Merrill and Ledford.
“Jezierski’s original trend lines based on actual operations were not satisfactory to Ledford because the trend lines did not show sufficiently robust collection results in the beginning of the collection cycle to satisfy Ledford,” the plea agreement states, referring to historical financial trend data that was presented to investors.
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