PDA

View Full Version : DPO: Shawn Merriman involved with Ponzi scheme?


DomCasual
04-09-2009, 12:32 AM
Weird.

Here's a picture of the guy. Can you tell he's not using steroids anymore? He looks like he's lost a lot of bulk.

(Sorry. It was like putting a big bowl of candy in front of a hungry kid. The temptation was just too strong.

http://extras.mnginteractive.com/live/media/site36/2009/0408/20090408__Merriman~p1.jpg

http://www.denverpost.com/ci_12098700

The U.S. Securities and Exchange Commission is seeking to freeze the assets of metro Denver-based investment manager Shawn R. Merriman and his firm after accusing him of conducting a multi-million dollar Ponzi scheme.

The SEC alleged today that Merriman, through his company Market Street Advisors, fraudulently obtained an estimated $17 million to $20 million from at least 38 investors in Colorado, Minnesota and Utah.

Merriman told investors, according to the SEC, that he would invest their funds in stocks and options, and he reported impressive and consistent annual returns to investors.

In fact, the SEC said, Merriman did not trade stocks and options after his first year of operations, during which he suffered trading losses, and he used millions of dollars in investor funds "to support his lavish lifestyle and pay out withdrawals by other investors."

The SEC says Merriman spent the proceeds on classic cars, motorhomes and artworks by Rembrandt.

"Merriman repeatedly deceived investors, many of whom considered him a personal friend, by sending them fictitious account statements showing annual rates of return of 7 to 20 percent," said Donald Hoerl, director of the SEC's Denver office, in a statement announcing the case today.

The SEC said it is seeking an emergency court order to freeze assets. It also wants Merriman and his Aurora-based firm to forfeit "illegal gains" and pay unspecified fines.

Patrick Ridley, an attorney for Merriman in Denver, didn't immediately respond to a phone call and e-mail seeking comment. There was no immediate response to a message left at a phone listed in Merriman's name in Aurora.

Steve Raabe: 303-954-1948 or sraabe@denverpost.com

TallyBronco
04-09-2009, 12:43 AM
Looks like the perfect choice to head the Social Security Administration.

Taco John
04-09-2009, 12:52 AM
Looks like the perfect choice to head the Social Security Administration.

Speaking of a Ponzi Scheme...

LittleFloyd
04-09-2009, 07:49 AM
I'm starting up a new fund and I need investors. I'm calling it a Fonzie Scheme. When you ask where you money is I just tell you "Aaaaaaaaaa".

Garcia Bronco
04-09-2009, 08:13 AM
LMAO at all 3 of you. Good stuff.

loborugger
04-09-2009, 09:29 AM
Speaking of a Ponzi Scheme...

But its ok - and financially prudent - when the gov't does it, right?

:-[

Beantown Bronco
04-09-2009, 09:33 AM
Weird.

Here's a picture of the guy. Can you tell he's not using steroids anymore? He looks like he's lost a lot of bulk.

Stopped hitting the tanning beds as well.

USMCBladerunner
04-09-2009, 10:12 AM
Speaking of a Ponzi Scheme...

lol...that made me laugh

SonOfLe-loLang
04-09-2009, 10:15 AM
Will all your libertarians "Go Galt" already and remove yourselves from society so you can cry together about the communists taking away your livelihood?