American Greed Episode 63: The Mormon Madoff

Case File

The Mormon Madoff

  • Shawn Merriman was a bishop in the The Church of Jesus Christ of Latter-day Saints and a family man. He started Market Street Advisors, a thriving, lucrative investment business in Aurora, Colorado. Merriman became rich and lived an incredible lifestyle, spending millions on an impressive art collection, cars and vacations. But unknown to clients, the devout money manager was running a Ponzi scheme. Merriman lived a double life for 15 years, deceiving his own family, church and clients…and left a path of destruction in his wake. When the truth came out, dozens of innocent investors wanted to make him pay.
  • American Greed reveals a multi-million dollar tale of deception!

Web Extras

  • The term financial fraud usually brings to mind names like Bernie Madoff, Raj Rajaratnam and Allen Stanford, to name a few. All three men are now doing time in prison for their respective crimes. is serving 150 years for his $50 billion Ponzi scheme. found guilty of insider trading charges, was sentenced to 11 years behind bars. received a 110 year sentence for his $7 billion Ponzi scheme. However, these notorious cases are far from the only ones involving financial crimes. From money managers w

    While not every one of these Wall Street jailbirds had offices in downtown Manhattan, they all dealt in the financial world. Click ahead to see those who have traded in their pinstripes for prison stripes.

  • Shawn Merriman
    By: Jenna Martino|CNBC Associate Producer

    Shawn Merriman was head of an investment firm and lay bishop in the Mormon church who persuaded friends, family, and church members to invest with him. It turned out to be a big scam, taking in more than $21 million. Among victims: his own mother.

  • Letter from Sally Merriman to Judge Bimmer in regard to her son Shawn’s sentencing. Filed 9/1/10. (Source: Public Record)

  • United States District Court, District of Colorado: Shawn Merriman Plea Agreement and Statement of Relevant Facts filed 12/2/09. (Source: Public Record)