Maryland man indicted in $346M Ponzi scheme

A federal grand jury indicted three men on charges of wire fraud, identity theft, conspiracy, and money laundering in an alleged $364 million investment fraud scheme.

Investigators say Kevin Merrill, 53, bought cars, a yacht, part of a private jet and a multi-million dollar mansion in Southwest Florida using money obtained in Ponzi scheme.

Merrill and co-conspirators from Texas and Maryland ran a Ponzi scheme to live a lavish lifestyle after stealing money from more than 400 victims.

A Ponzi scheme works like a pyramid with lies from investor to investor, growing a web of false information with every deal.

Merrill alone used $45 million to buy cars and even a Port Royal mansion on Spyglass Lane.

Reporter:Hannah Vogel
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