February 15, 2018
The victims’ stories of losing their retirement savings in a $10 million fraud scheme were heartbreaking: some lost their homes, some had to declare bankruptcy, and many suffered—and continue to suffer—from physical and emotional ailments upon learning they had virtually nothing left to retire with.
The fraudsters responsible for this fallout—who lined their own pockets with the hard-earned money of working people trying to save for their golden years—were Merrill Robertson and Sherman Carl Vaughn, Jr., two Virginia businessmen. After a joint federal law enforcement investigation into the pair’s Ponzi-like scheme, the two were ultimately brought to justice for their crimes against more than 60 victims in multiple states. In light of Robertson’s earlier conviction at trial and Vaughn’s previous guilty plea, Robertson was recently sentenced to 40 years in prison, and Vaughn—who testified at Robertson’s trial—received 12 years. The men were also ordered to pay nearly $9 million in restitution to their victims.