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SALT LAKE CITY -- Federal agents are investigating a Colorado man for running a Ponzi scheme that included victims in Utah. They say the money went to a lavish lifestyle that featured classic cars and Picasso paintings.
The Securities and Exchange Commission says Shawn Merriman, 46, who is a former bishop in The Church of Jesus Christ of Latter-day Saints, collected up to $20 million from people in Utah, Colorado, Minnesota and other states. He apparently was a former stock broker and faked monthly statements for investors.
He has not been charged with a crime, but investigators say he confessed to running a Ponzi scheme.
The U.S. Attorney's Office is trying to seize his assets, including a silver Aston Martin and expensive artwork. Some of his Rembrandt paintings were on display in LDS buildings in Denver.
Investors tell 9 News in Denver they can't believe it.
"We had all our money invested in him and we took a monthly draw to live on. We have nothing left," said one investor who did not want to be identified.
Another investor said he heard about Merriman through a friend of a friend. "His comment to me was ‘You need to meet this guy because everything he touches turns to gold,'" he said.
Investigators say Merriman also spent the money on hunting trips to Africa and a huge home.
E-mail: mrichards@ksl.com
