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Criminal Charges Expected For Ponzi Scheme Suspect

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Aug 16, 2009 2:15 pm US/Mountain

Criminal Charges Expected For Ponzi Scheme Suspect

AURORA, Colo. (CBS4) ― Investors bilked by a former bishop in The Church of Jesus Christ of Latter-day Saints have been told to expect criminal charges to be filed next week.

Shawn Merriman was ex-communicated from his bishop's post in the Mormon Church after revealing he stole millions from church members, friends and others in an elaborate Ponzi scheme.

CBS4 investigator Rick Sallinger obtained a copy of a letter sent to the victims. It's from the United States Attorneys' Office informing those who are losing homes, retirement savings and more, that Merriman will be in court next week at which time charges will be filed against him.

Months after Merriman admitted stealing millions from his friends, church members and others he remains in his luxury home in Aurora.

"I think he is very evil," victim Margery Walters said.

Walters lives across the street from Merriman and is one of the at least 38 investors who Merriman is alleged to have bilked out of up to $20 million. She welcomes criminal charges.

"I feel that it is about time. I can't believe that it's taken 5 months," Walters said. "I know that they are doing due diligence for the victims as best as they can."

Walters and other neighbors watched as fancy cars, expensive paintings, guns and other items bought with their money were seized from Merriman's home in April.

Susan Webb is not one of the victims, but lives next door to Merriman.

"It's very hard to see him coming and going and it's almost like nothing has happened, still living in his house, still driving cars," Webb said.

The seizures from Merriman's home will be used to pay the victims.

"My husband worked 40 years for this and now we have nothing and we have to consider it a gift, whatever we get," Walters said.

The U.S. attorneys' letter indicates a guilty plea is also expected, followed by sentencing at which time the victims may be allowed to speak about how they have suffered.

Merriman is already facing civil charges filed by the Securities and Exchange Commission.

Items seized by U.S. Marshals include:

  • 157 pieces of Old Masters Fine Art, located at Merrimans residence in Aurora
  • 170 pieces of contemporary art, also located at Merrimans residence
  • 43 pieces of framed fine art, 4 bronze busts, and one acrylic sculpture, located at Merrimans residence
  • Merrimans residence, located in Aurora, Colorado
  • Other real property, located in Island Park, Idaho
  • Numerous conveyances, including vehicles, collectible cars, motorcycles, a boat, a motor home, trailers, and a John Deer Bobcat
  • 8 E-Trade securities accounts
  • Sports memorabilia
  • Firearms
  • Taxidermy
  • Other personal property, including exercise equipment, arcade games, tools, hunting paraphernalia, safes, and a pitching machine.

Additional Resources

Learn more about Charles Ponzi, the man whom ponzi schemes are named after, on CBSNews.com.

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