A Towson man has been sentenced in connection with the biggest investment fraud case in Maryland history.
The $396 million Ponzi scheme ripped off hundreds of people in the D.C. area and around the country, and some lost their life savings.
For his role, 54-year-old Kevin Merrill was sentenced to 22 years in federal prison followed by three years supervised release.
He has also been ordered to pay restitution to the victims. The full amount will be determined later, but is at least $189,166,116.
According to his plea agreement, Merrill was the scam’s main sales guy.
Several co-conspirators are awaiting sentencing.
Investors were told their funds were being spent to buy consumer debt portfolios.
Instead, the perpetrators took the money for themselves, buying homes, fancy cars, jewelry and more. The scheme ran from 2013 to September 2018.