Ep 63. The Mormon Madoff

In American Greed season 6 episode 63, entitled "The Mormon Madoff," viewers are taken on a wild ride through the world of financial fraud. The episode focuses on a man named Shawn Merriman, who was once a prominent member of the Mormon faith and a respected investment advisor. However, all of that changed in 2008 when it was uncovered that Merriman was running a massive Ponzi scheme that had defrauded hundreds of people out of millions of dollars.

Through interviews with former investors, law enforcement officials, and legal experts, the episode paints a vivid picture of how Merriman was able to pull off his scam for so long. Starting in the early 2000s, he began soliciting investments from fellow members of his Mormon church and promising them high returns on their money. He used his position as a trusted member of the community and his reputation as a financial expert to convince people to hand over their life savings, and many did so eagerly.

As the money started rolling in, Merriman began living a lavish lifestyle, complete with expensive cars, exotic vacations, and a sprawling mansion in Utah. However, he was never actually investing the money as promised. Instead, he was using it to pay fake returns to earlier investors and to fund his own lifestyle. He also used some of the money to make very risky trades in the stock market, which only added to his losses.

Despite the fact that Merriman's scheme was becoming increasingly unsustainable, he continued to lure in new investors and promise them even higher returns. It wasn't until the financial crisis of 2008 that his house of cards finally came crashing down. As investors began to withdraw their money en masse, Merriman was unable to meet their demands and soon found himself facing numerous lawsuits and criminal charges.

The episode details the various legal proceedings that followed Merriman's downfall, including his unsuccessful attempt to flee the country and the eventual seizure of all his assets by the government. It also explores the impact that his scheme had on the many people he defrauded, some of whom lost their life savings or their entire retirement funds. Finally, the episode offers some commentary on what can be done to prevent similar financial frauds from occurring in the future, including increased regulation and investor education.

Overall, "The Mormon Madoff" is a riveting and cautionary tale about the dangers of financial scams and the devastating impact they can have on people's lives. Through its detailed examination of one man's ill-gotten gains and ultimate downfall, the episode serves as a reminder to always be vigilant when it comes to investing and to be wary of promises that seem too good to be true.