U.S. Attorney Dana J. Boente announced Thursday that a former University of Virginia, National Football League and Fork Union Military Academy football player was convicted in a $10 million fraud scheme.
Thirty-six-year-old Merrill Robertson, Jr. established the Black Bull Wealth Management LLC and Cavalier Union Investments LLC, with his co-conspirator Sherman Carl Vaughn. Both defendants allegedly solicited people to invest money in private investment funds and distinct investment opportunities they proposed and managed. Robertson’s contacts included former football players he had once played with, according to court documents.
Both defendants represented themselves as experienced investment advisors and philanthropists with long-term experience in real estate and business. While Vaughn was soliciting investors, he filed bankruptcy twice and two other times before, according to court records.
The two defendants fraudulently received over $10 million for more than 50 investors. The monies were utilized for car and mortgage payments, spa visits, shopping, vacations and school tuitions, according to court documents.
Robertson was convicted of bank fraud, money laundering and mail fraud. He is facing a 330-year imprisonment. His sentencing hearing is scheduled for December 6.