A Texas businessman pleaded guilty to fraud conspiracy Thursday in U.S. District Court in Baltimore and admitted to operating a lucrative Ponzi scheme alongside a millionaire in Towson.
Jay Ledford, 55, of Texas and Las Vegas, also pleaded to charges of identity theft and money laundering. He admitted doctoring bank statements to help his partner in Baltimore County dupe investors around the world.
“A number of victims have lost their life savings,” Robert Hur, the U.S. attorney for Maryland, said in a statement. “This kind of fraud can be devastating.”
Last month, Ledford’s business partner, Kevin Merrill, 53, pleaded guilty to conspiracy and wire fraud. The Towson man who once sold x-ray machine supplies had served as front man in what prosecutors called one of the biggest Ponzi schemes in Maryland history. Merrill has admitted to defrauding investors as far away as Singapore in the five-year, $394 million cheat.
Read the original article here: baltimoresun.com
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