Andy's Got Your Back on a Bernie Madoff wanna-be - Action News 5 - Memphis, Tennessee

Andy's Got Your Back on a Bernie Madoff wanna-be

Posted: Updated:
  • News on WMCTV.comNewsMore>>

  • Woman dies after apparent hit-and-run

    Woman dies after apparent hit-and-run

    Wednesday, July 23 2014 1:13 PM EDT2014-07-23 17:13:57 GMT
    (Source: WMC Action News 5)(Source: WMC Action News 5)
    (WMC) - A vehicle crashed into a person walking on Beechmont Street near Portland Avenue. Memphis firefighters and police officers responded to calls about a hit-and-run around 3:30 p.m. Memphis policeMore >>
    A woman has died after a vehicle crashed into her while she was walking on Beechmont Street near Portland Avenue.
    More >>
  • Police investigate deadly shooting near airport

    Police investigate deadly shooting near airport

    Wednesday, July 23 2014 1:05 PM EDT2014-07-23 17:05:38 GMT
    (WMC) – Memphis police received a call about a possible shooting in the 3500 block of Tchulahoma Road, near Winchester Road, just before 3 a.m. on Wednesday. WMC Action News 5 crews are there and sayMore >>
    Memphis police are investigating a deadly shooting in the 3500 block of Tchulahoma Road, near Winchester Road. Police received the call just before 3 a.m. on Wednesday.
    More >>
  • SCS begins new teacher orientation

    SCS begins new teacher orientation

    Wednesday, July 23 2014 1:03 PM EDT2014-07-23 17:03:38 GMT
    It's a sign that summer break is almost over and school is ready to begin… This morning 100's of new Shelby county teachers showed up at Bellevue Baptist church for theirMore >>
    It's a sign that summer break is almost over and school is ready to begin as hundreds of new Shelby County teachers showed up at Bellevue Baptist Church for their first orientation.
    More >>
MEMPHIS, TN -

(WMC TV) - He had everyone fooled.

U.S. postal inspectors arrested Shawn Merriman of Colorado, a lay bishop in the Mormon church, on charges he ran a Ponzi scheme for more than 15 years.

Pulling the wool over the eyes of friends, family and church members, Merriman bilked more than $20 million from them, according to investigators.

"He started taking money from investors, spending it on trips all over the world, including safaris, trips to Europe, using it for his own personal gain," said U.S. Postal Inspector Pamela Durkee.

When inspectors raided Merriman's home, they seized a 2006 Aston Martin, rows and rows of artwork and a baseball collection that included signatures from Ted Williams, Mickey Mantle and Babe Ruth.   

All bought on the backs of investors like Tim Gilmartin. He and his wife invested more than $100,000 with Merriman.

"I was in shock," he said. "I was numb. We heard he never invested a penny (of what we paid him)."

Postal inspectors said always check your monthly and annual investment statements with the actual fund groups in which your advisor is supposedly investing your money.

Inspectors said Merriman eventually pleaded guilty. He's serving 12 years in prison.

Copyright 2013 WMC-TV. All rights reserved.

 

Powered by WorldNow