The Local newsletter is your free, daily guide to life in Colorado. For locals, by locals. Sign up today!
New York’s got Bernie Madoff. Now Colorado has an alleged Ponzi schemer: Shawn Merriman, who was sued yesterday by federal regulators for running a 15-year scam, amassing an enviable collection of cars and art, writes Bloomberg News. While running Market Street Advisors, Merriman raised as much as $20 million and, the feds say, “repeatedly deceived investors, many of whom considered him a personal friend, by sending them fictitious account statements showing annual rates of return of 7 to 20 percent.” Merriman, a former bishop in The Church of Jesus Christ of Latter-day Saints, had collected a silver Aston Martin, a 1932 Ford Highboy, guns, taxidermy, and art by the Old Masters, including more than one Rembrandt, according toÂ The Associated PressÂ . Merriman, of Aurora, is so far not facing criminal charges and is cooperating with investigators, reportsÂ 9News, which quotes one of Merriman’s alleged victims saying, “I don’t know what I could have done to foresee this. He was very good at what he did.”