Former UVa and NFL football player, who owns investment firm, charged in alleged $8M fraud
The owner of a Richmond-area investment firm who is a former football player at the University of Virginia and for the Philadelphia Eagles was arrested Wednesday and charged in an alleged $8 million fraud scheme that victimized the elderly and others.
Merrill Robertson Jr., 36, was charged with conspiracy to commit wire fraud and faces up to 20 years if convicted, according to the U.S. Attorney’s Office.
A civil complaint filed Wednesday by the U.S. Securities and Exchange Commission against Robertson and Sherman C. Vaughn Jr., 45, both of Chesterfield County, alleges they used their Midlothian company, Cavalier Union Investments LLC, to defraud more than 60 investors out of $10 million — resulting in $8 million in losses — in a “Ponzi-like” scheme from 2010 until this year.
Vaughn was not charged criminally.
Read more: http://www.richmond.com/news/article_b34088ec-672e-52e8-b5f7-44ca9dca93ba.html
