DENVER - The Justice Department tells the 9Wants to Know investigators people who were duped into investing money in Shawn Merriman's Ponzi scheme will begin getting disbursement money next week.
Victims will get about 16.5 cents on the dollar after Merriman's possessions were liquidated following a federal judge's order.
Checks will go to about 50 people early next week and will range from $300 to $3,000. The money will total $29,860.80 and comes from Merriman's Idaho assets that included property and a small building.
Though there are 94 identified victims, only those due $100 or more will receive checks at first because it is the policy of the U.S. Marshals' policy to not send checks for smaller amounts, Jeff Dorschner, Justice Department spokesman, said.
Another round of checks totaling $3.3 million will be sent July 29 and will go to all 94 victims, Dorschner said.
For years, Merriman, formerly of Aurora, told victims they were getting annual returns of seven to 20 percent on the money they had invested with him. Some victims had invested since the early 1990s.
Victims claim he took more than $20 million.
Merriman admitted in 2009 that he was spending the money on himself, rather than investing it in the stock market.
A federal judge handed down the maximum punishment in 2010, sentencing Merriman to 12-and-a-half years behind bars and ordering him to pay $20.1 million in restitution for operating the scheme.
The U.S. government auctioned off those items to recover some money for Merriman's victims.
Most of his victims were fellow Mormon Church members, friends of friends, or fellow hobbyists.
Have a comment or tip for investigative reporter Jace Larson? Call him at 303-871-1432 or e-mail him
jace.larson@9news.com
