Since April1, separate Ponzi schemes in Texas, Colorado, Georgia, New York and several other states allegedly bilking investors out of more than $200 million have been discovered.
The Securities and Exchange Commission's latest discovery was revealed today, alleging that Marietta, Ga.-based attorney Robert P. Copeland promoted investment opportunities with false claims of earning interest of 15% to 18% in a year or less. Copeland allegedly raised more than $35 million from at least 140 investors and used the funds from new investors for personal use.
Shawn R. Merriman of Aurora, Colo., through his company Market Street Advisors, fraudulently obtained an estimated $17 million to $20 million from at least 38 investors, according to the SEC. Rather than invest their funds in stocks and options as he allegedly said he would, Merriman used the monies to pay out withdrawals by other investors.
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Weizhen Tang of Dallas, allegedly raised between $50 million and $75 million for the Oversea Chinese Fund Limited Partnership from more than 200 investors, and has operated a Ponzi scheme with the hedge fund since at least 2006, the SEC said.
Edward T. Stein of Long Island, N.Y., convinced friends and to move more than $55 million through his investment funds Gemini Fund I, L.P. and DISP LLC. He then sold those entities to more than 80 investors and allegedly continued to steal client funds to keep the Ponzi scheme going.
Since 2007, the SEC said it has halted more than 75 Ponzi-related schemes and charged more than 300 individuals since 2002.
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