The security and exchanges commission yesterday fined Merrill Robertson Jr $10 million. Robertson, a former professional football player for the Philadelphia Eagles played college football with the University of Virginia and was a graduate of the esteemed Fork Union Military Academy.
Robertson along with the co-owner of his investment firm Sherman C Vaughn Jr were fined $10 million for defrauding investors. They reportedly divided investments raised amongst themselves, which they used for personal expenses and to repay earlier investors.
Robertson and Vaughn both natives of Virginia reportedly, “preyed on elderly victims and others who placed their trust in these individuals, only to have their savings stolen,” - Sharon B. Binger, Director of the SEC’s Philadelphia Regional Office.
Other victims of the fraud included Robertson’s former coaches from Fork Union Military Academy.
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