Colorado Man Guilty of $21 Million in Stock Broker Fraud

Aurora, COA former bishop in the Church of Jesus Christ of Latter-day Saints has pleaded guilty to over 15 years of stock broker fraud that earned him approximately $21 million in false investments.

span itemprop="image" itemscope itemtype="https://schema.org/ImageObject" style="display:block">Forty-six-year-old Shawn Richard Merriman is accused of running a Ponzi scheme in which at least 38 investors paid him between $17 and $21 million to invest in fraudulent stock options. Merriman used the money to purchase pricey homes, fine art, sports memorabilia and classic cars, in addition to extravagant vacations and safaris.

"Fraud schemes, such as the one carried out by Shawn Merriman, victimize many honest and hard working individuals," says Shawn Tiller, the US postal inspector who investigated the case, in an interview with the Aurora Sentinel. "Our Inspectors take pride in assisting these victims and making all efforts to see that persons who use the mails for criminal gain are caught and brought to justice."

Operating since 1994 through a series of companies, Merriman allegedly lost $400,000 in capital shortly after forming his first investment fund, inspiring him to start new funds to cover investor withdrawals and his own personal expenses.

Merriman could face up to 20 years in prison for his offenses, with sentencing scheduled for May.