Maryland man sentenced for $396 million Ponzi scheme
BALTIMORE (AP) — A federal judge has sentenced a Maryland man to 22 years in prison for fraud and conspiracy in a $396 million investment scheme that stole from people as far as Singapore.
The judge handed down the sentence for 54-year-old Kevin B. Merrill on Thursday. The day before, Amanda Merrill admitted in a guilty plea to trying to hide her husband’s cash during a federal investigation into his Ponzi scheme. She’s scheduled to be sentenced in January.
Prosecutors said it’s one of the largest schemes ever in Maryland. Merrill is required to pay full restitution to the victims. The total will be determined later.