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"Alleged Ponzi scheme mastermind told wife to hide assets, feds say
With his accounts frozen and luxury cars towed, Kevin B. Merrill allegedly planned to flash his wife instructions to hide his remaining treasures.Instead, prison guards found the note hidden in the sock of the jailed Towson businessman...Merrill had a fleet of Rolls Royces, Ferraris and Lamborghinis, prosecutors say. Federal agents arrested him in September and raided his $1.06 million home in Baltimore County. He and his business partner have been indicted on federal charges of wire fraud, identity theft, and money laundering...(The two men) have pleaded not guilty...
Investors believed they were buying 'consumer debt portfolios,' bundles
of debt on student loans, credit cards and car loans. Instead, the
businessmen were shifting money from new investors to old investors,
prosecutors say, while skimming millions off the top," according to the Baltimore Sun.
Source: Jan. 4, 2019, Baltimore Sun at https://www.baltimoresun.com/news/maryland/crime/bs-md-amanda-merrill-charges-20190103-story.html
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The Maryland Attorney General announced: "Fraudulent Ponzi Scheme Promoter Defendants Ordered to Pay Nearly $4 Million Penalty
BALTIMORE, MD (January 4, 2019)- Maryland Attorney General Brian E. Frosh announced today that his Securities Division obtained an injunction against Ronald D. Morley, Diane Morley, and the Morleys’ companies, the New Wealth, LLC, Main Street Estate Group, Inc.and Jenny DB Properties,LLC, for violations of Maryland law related to the sale of fraudulent securities of Summit Trust Company and other issuers.
The civil complaint charged the defendants with 11 counts of violating the Maryland Securities Act in connection with their involvement in multiple fraudulent offerings of unregistered securities issued by the
Morleys’ companies and by Summit Trust Company, a Nevada chartered trust company. Simultaneously with the filing of the complaint, the Morleys consented to the entry of both an administrative Consent Order and a civil Final Judgment and Consent Order for Permanent Injunction that, among other things,assesses a civil monetary penalty of $3,999,715 against the Morleys."