News, analysis and personal reflections on the markets & the financial sector

Saturday, May 15, 2010

Florida Man Accused of Bilking Investors out of at Least $15M

A Florida man bilked more than 500 investors worldwide out of at least $15 million, according to criminal charges filed by federal prosecutors.

David Merrick, president of Trader's International Return Network, or TIRN, faces one count of conspiracy and one count of money laundering.

He already signed a plea agreement admitting guilt to both charges. According to the plea, TIRN advertised a variety of investments, including real estate, gold mines in Africa, and the buying and selling of commodities.

[Source: Orlando Sentinel]

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