Fraudsters Blew N27b Gotten From Ponzi Scheme On Diamonds, Ferraris, McLarens,Rolls-Royces, Bugattis And Lambos

Authorities in U.S have arrested 53-year-old Kevin B. Merrill, 54-year-old Jay Ledford and 28-year-old Cameron Jezierski for duping people into paying $364 million while pretending to invest it in consumer debt portfolios.

The three ,who were busted by Federal prosecutors and FBI agents, began the Ponzi scheme in 2013 using the money of late investors to pay the early investors.

$197 million was repaid into the investments to make the Ponzi scheme look legitimate over the last five years.

They spent $73 million of the total $364 million obtained on diamond jewelry, a boat, $25 million on gambling at casinos, nine expensive homes, a share in a private jet, motorcycles and several luxury cars.

Kevin B. Merrill alone bought the luxury cars listed below.

2008 Bugatti Veyron

2013 Ferrari California

2014 BMW M6 Gran Coupe

2014 Ferrari F12 Berlinetta

2014 Pagani Huayra

2014 Lamborghini Aventador Roadster

2014 Mercedes-Benz S63 (also a 2015)

2015 Bentley Flying Spur

2016 Ferrari 488 (two)

2016 Tesla Model S

2017 Audi R8 5.2 Plus

2017 Lamborghini Huracan Roadster

2017 Lamborghini Aventador

2017 Land Rover Range Rover (two)

2017 Porsche 911 Turbo S

2017 Rolls-Royce Dawn

2017 Rolls-Royce Wraith

2018 McLaren 720S

2018 Ferrari 488 Spider

2018 Lamborghini Huracan

The alleged victims includes construction contractors, retirees, doctors, lawyers, accountants, bankers, professional athletes and financial advisers in Maryland, Washington, D.C., Northern Virginia, Las Vegas, Texas and other places. 

They face charges of conspiracy, wire fraud, identity theft and money laundering.

Both Kevin B. Merrill and Jay Ledford face up to 262 years in federal prison while 28-year-old Cameron Jezierski faces up to 120 years in prison .