New York City Resident Identified as Alleged Co-conspirator of $345 Million Ponzi-Like SchemeWednesday, March 25, 2020
The Securities and Exchange Commission recently filed a subpoena enforcement action against New York City resident Michael Staisil, seeking an order directing him to comply with an investigative subpoena for testimony.
In September 2018, the SEC filed an emergency action in a federal court in Baltimore, Maryland against Kevin Merrill, Jay Ledford, Cameron Jezierski and several entities owned or controlled by Merrill or Ledford including Global Credit Recovery, LLC, Delmarva Capital, LLC, Rhino Capital Holdings, LLC, Rhino Capital Group, LLC, DeVille Asset Management LTD and Riverwalk Financial Corporation, to stop this alleged Ponzi-like scheme that raised over $354 million from more than 230 investors across the country. The SEC claims that those involved with this scheme allegedly promised investors significant profits from the purchase and resale of consumer debt portfolios. However, the alleged scammers were using fabricated documents, forging signatures and using false information to entice investors and perpetuate the fraud. The SEC claims that Merrill and Ledford not only used new investment funds to pay earlier investors, but they also stole $85 million of the investor funds to maintain their luxurious lifestyles.
In the SEC’s ongoing investigation, Staisil was identified as one individual who may have worked on behalf of Merrill in this scheme. In July 2019 and November 2019, the SEC issued a subpoena to Staisil requiring him to appear for testimony. Staisil ignored both subpoenas.
The SEC’s application seeks an ordering requiring Staisil to fully comply with the subpoena, as the SEC continues its investigation to conclude if anyone has violated the law outside of those who have already been charged.
If a broker, insurance agent, attorney, financial advisor, or CPA advised you to invest in this Ponzi-like scheme and you lost money, you may be able to recover. Our experienced team has been fighting for victims of broker misconduct and investment fraud since 1998. Call us at 1-877-410-8172 for a free, no-obligation consultation.