Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

Art & Ponzi Schemes, The Irresistible Pull

April 9, 2009 by Marion Maneker

The Associated Press reports on yet another Ponzi scheme that leaves little behind but art as a tangible asset. In Denver, Shawn Merriman, who was a Bishop in the Mormon church, had been running a Ponzi scheme from his home for 15 years. He also had a taste for art, especially Rembrandt’s religious works:

“On March 18, 2009, Merriman confessed to criminal authorities that he had been engaging in a Ponzi scheme,” according to a court document recently filed by the SEC. The document also said Merriman claimed he had about $7 million in assets left, mostly in investment-grade art.

Authorities were moving to freeze bank accounts for companies established by Merriman, including Market Street Advisors, Mountain Springs Partners, and Impressions Everlasting, a company formed to invest in art.

Among the 370 works of art sought by federal authorities are Rembrandt’s 1633 “Descent From the Cross: The Second Plate” and 1654 “The Entombment”; two works by Picasso; four bronze busts; and an acrylic sculpture. Merriman told the Deseret News in March 2008 that he had collected 56 of Rembrandt’s 70 religious prints, some which were on display throughout The Church of Jesus Christ of Latter-day Saints buildings in Denver last year.

Homes, Cars, Art Seized in Colo. Ponzi Scheme (AP)

More from Art Market Monitor

  • South Africa’s ChelseaSouth Africa’s Chelsea
  • Hirst to Sell Smaller Diamond Skull in Hong KongHirst to Sell Smaller Diamond Skull in Hong Kong
  • Germans Identify 380 Museum Works in Munich Hoard Germans Identify 380 Museum Works in Munich Hoard
  • Mapping Boetti’s Auction Sales at Frieze: Top Down, Bottom UpMapping Boetti’s Auction Sales at Frieze: Top Down, Bottom Up
  • Philippines Government Still Searching for Missing Marcos ArtPhilippines Government Still Searching for Missing Marcos Art
  • Phillips London Contemporary Evening = £36.38mPhillips London Contemporary Evening = £36.38m

Filed Under: Fraud, Theft & Restitution

About Marion Maneker

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

Top Posts

  • Keith Haring’s 1989 Retrospect Comes to Sotheby’s London Prints Sale
  • Restituted Van Gogh Portrait from London Collection to Sell at Christie’s
  • Four of Picasso's Women Valued at $28m Come to Christie's from Rose-Walters Collection
  • Tony Podesta's Secret Art Buying
  • Norman Rockwell's Not Gay. But Is He a Great Artist?
  • Christie’s to Sell Its First Fully Digital Work of Art in Test of Emerging Market
  • Roy Lichtenstein’s Top Ten Auction Prices
  • Tracey Emin Neon Lights Up Sotheby's 'Contemporary Showcase' Pop-Up
  • Sotheby's Pulls in a $9m David Hockney for November
  • After Pandemic’s Rapid Change, Sotheby’s Has 8 Predictions for 2021
  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor