Md. man among 3 indicted in $350 million Ponzi scheme

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(PHOTO: CNN)

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MARYLAND – A federal grand jury indicted three men this week on a slew of charges for a more than 3-hundred 50 million dollar Ponzi scheme.

Officials say 53-year-old Kevin Merill, of Townson, Maryland, 54-year-old Jay Ledford, and 28-year-old Cameron Jezierski lied to investors.

They said they would use their money to buy consumer debt portfolios and make money for them, but instead duped them into paying millions of dollars.

Then, they used the money to buy high end homes, bars, and boats.

If convicted, they could face more than 20 years behind bars and serious fines.

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