Gambling Accountant Gets 14 Years For $396M Ponzi Scheme

Law360 (October 30, 2019, 5:27 PM EDT) -- A Texas certified public accountant will serve 14 years in federal prison for his supporting role in a Ponzi scheme that netted $396 million and, with his co-conspirator, will pay at least $190 million in restitution to his victims, prosecutors announced Tuesday.

U.S. District Judge Richard D. Bennett sentenced Jay B. Ledford, 55, in Maryland federal court this week after sentencing Ledford's partner in the scheme, Maryland salesman Kevin B. Merrill, to 22 years earlier in October.

Ledford spent five years working with Merrill on the scheme, pitching investors portfolios of defaulted consumer debt that they claimed would be profitably collected or...

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