Three people are in custody after what was announced as the biggest Ponzi scheme in Maryland history.
Totally $345 million from investors, the scam was touted as being able to resell consumer debt to investors. The con artists were able to draw in money from individuals such as small business owners, athletes, lawyers, accountants, and retirees.
They were also able to bring in money from feeder funds.
In typical Ponzi scheme fashion, roughly $200 million of the total was used to pay earlier investors.
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