Just because you drive James Bond's car does not mean you are not a Charles Ponzi wannabe, according to Federal investigators.
A silver Aston Martin like this one was seized today in Denver by Federal Agents who allege that Denver money manager Shawn Merriman, a 46-year-old Aurora resident, fraudulently obtained an estimated $17 million to $20 million from at least 38 investors in Colorado, Minnesota and Utah.
You can see a photo of the Aston Martin that was seized HERE.
The Securities and Exchange Commission sought to freeze Merriman's assets and in a lawsuit claimed that Merriman operated a Ponzi scheme and spent the proceeds on "his own personal purchases of classic cars, motorcycles, motor homes, a
cabin in Idaho, and fine art collections, including works by Rembrandt
that are worth millions of dollars.”
The complaint filed today alleges:
"Merriman told investors that he would invest their funds in stocks and
options, and he reported impressive and consistent annual returns to
investors. 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. Instead,
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. He also offered “rebates”
to existing investors to entice them to invest additional money with
him."
Besides the Aston Martin Federal agents also seized a 1930 Lincoln and other unnamed classic cars.
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