Colo. man pleads guilty after $21M Ponzi scheme

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A former stockbroker accused of running a $21 million Ponzi scheme from his suburban Denver home for 15 years has pleaded guilty to felony mail fraud.

Shawn Merriman entered the plea Wednesday in federal court in Denver. The 46-year-old faces up to 20 years in prison when he is sentenced May 10.

Authorities alleged Merriman, a former bishop in The Church of Jesus Christ of Latter-day Saints, told investors he was using their money to buy and sell securities. They say he actually used the money to take safari trips and buy antique cars and artwork.

Prosecutors say the cars, a pitching machine and other items seized from Merriman, including art by Rembrandt, will be used to compensate victims.

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