Original subtitles

In this episode of American Greed, he's called the Mormon Madoff.

Sean Merriman is a bishop in the church, the father of four children, and the

head of a thriving investment business, pulling in millions.

Everybody wants to be a part of an exclusive club, so you had to get in

That's why he was able to take advantage of so many people.

But for 15 years, Merriman lives a lie, ripping off his neighbors, members of

his church.

Even his own mother.

He just said, Mom, I have to tell you something very bad.

I said, you took all of our money that we're counting on for retirement?

He said, yes.

Sean Merriman is a scam artist.

And when the truth comes out, dozens of innocent investors will want to make him

pay. I went home and loaded a .45 and had every intent of going down and

him away.

On April 8, 2009, in Aurora, Colorado, just outside of Denver, federal agents

descend on the home of Sean Merriman, who is under investigation for financial

fraud.

Neighbors and reporters watch as agents haul out nearly 1 ,000 big -ticket

items. More than 350 pieces of fine art, including works by Rembrandt and

Picasso. A ski boat.

Motorhome. and seven cars, including an Aston Martin, sports memorabilia, and

taxidermy. It was like a giant yard sale. There was just stuff everywhere.

were boxes, there were trailers with cars on them.

It's an endless stream of luxury items, all bought with money Merriman stole

from his investors.

He was spending the money as fast as it was coming in. The seizure marks the

beginning of the end for Sean Merriman, who has been living a double life.

for 15 years, deceiving his own family, his church, and his investors,

leaving a path of destruction in his wake.

But long before Merriman strikes it rich, he is just a blue -collar kid in a

family of construction workers.

The family is always on the move.

Merriman lives in nine cities in 13 years.

The family moved around a lot. I think they moved to where the jobs were.

Andrea Merriman was married to Sean for nearly 20 years.

She remembers how Sean came from humble beginnings, but always had big plans for

himself.

He just was kind of an entrepreneurial type, even as a kid, you know, raised

rabbits or did photography.

did all kinds of creative things to make money.

As a teen, Merriman finds religion and converts to Mormonism.

He serves an 18 -month mission in the Vietnamese community in Denver.

Day in and day out, he preaches the Book of Mormon.

And then, as his mother Sally recalls, Merriman sets his sights on college.

He liked the nicer, finer things of life.

And he just set it up so that...

he figured the career in finance would give him the way of life he wanted.

Merriman enrolls in Brigham Young University and majors in economics.

In 1987, he meets a classmate, Andrea Christensen.

He was somebody who wanted to do big things.

After a whirlwind romance, Sean and Andrea are married.

We had plans for the future and our whole lives ahead of us, and that was

start on the path to what I thought was going to be the fulfillment of all of

our dreams.

The couple moves to the suburbs of Denver and buys their first home.

In the spring of 1990, Sean lands a job as a stockbroker at Chatfield Dean.

Sean's dream in life was to become a stockbroker. And fresh out of college,

got a job as a stockbroker to begin with.

In the 80s and 90s, Chatfield Dean is one of the nation's largest penny stock

companies, selling overpriced, risky stock to unsuspecting investors.

Joe Manzanares, who worked at Chatfield Dean, recalls the high -stakes

environment. The environment at Chatfield Dean in the early days, was

high energy, really sell, sell, sell, get on the phone, dial 300, 400 calls a

day looking for that new customer.

Merriman is one of 100 brokers hired that year. His salary is 100 %

The pressure to sell is intense.

Brokers log 80 -hour weeks, making cold calls, pitching shares in small, unknown

companies. New brokers coming into the business, they're really looking at a

chance to make a lot of money quick.

And there's a lot of pressure to produce.

And if you're not producing, you're going to lose your job.

Sean proves to be an excellent salesman. He quickly gains the trust of his

investors and convinces them to hand over their money.

And I remember that in his first three months as a stockbroker, I think he made

between $50 ,000 and $60 ,000.

So he was pretty good at what he did.

But what his clients don't know is that Merriman is taking shortcuts and buying

stock in companies without their approval.

His investments usually didn't work out. He started doing unauthorized trades

with his clients because the pressure to produce got to him.

And at one time, you know, we had to look at letting him go from the company

because people were complaining that the trades he was doing weren't authorized.

Merriman makes a quick exit from Chatfield Dean and lands a new job with

investment banking firm George K. Baum.

He takes in a $54 ,000 signing bonus and is back to work.

In April 1993, Sean and Andrea welcome their first child.

Eight months later, they buy their dream home, a sprawling five -bedroom house

situated on three acres of land.

For Andrea and Sean, everything seems to be going according to plan.

But Merriman is hungry for more.

When American Greed returns, Merriman launches his own investment business,

nearly loses it all when his trades tank.

He did get in over his head fairly quickly, which is where I think the

came in.

In 1994, Sean and Andrea Merriman are like many young couples, full of big

and dreams.

Our plan for our future was to work hard and raise our kids to grow up to be

good citizens and to make many happy family memories along the way.

The couple are active members of the Mormon Church. They are raising a young

son, and Sean is finding success as a stockbroker.

But Merriman has bigger plans for his career.

He decides he is ready to start his own investment firm.

And we talked it over, and he really wanted to do it. And I'd been taught by

mom to always support your husband in his dreams, so I thought it sounded like

good plan.

Merriman launches his own money management company. He names it Market

Advisors. In June, he sets up shop in the basement of his new home.

and begins drumming up investors.

He'd get up every day and go down into the basement and shut the door behind

him, and I really wouldn't see him until he came up for dinner in the evenings.

Merriman is 31 years old and just a fledgling money manager, yet his company

begins to take off.

Merriman plays to his strengths and proves to be an excellent salesman.

He was very charismatic. People describe him as somebody who you wanted to be in

the room with.

Everybody wanted to be around him.

Merriman pulls in $400 ,000 from four separate investors and is off and

It was easy to like him and easy to trust him. I think it was easy for him

convince people to give him money.

Merriman devises an aggressive investment strategy.

He snaps up options on auto stocks, hoping for a big payday.

But according to Postal Inspector Rob Barnett, Merriman's bets turned sour.

He invested initially in Chrysler, a large investment in Chrysler, which lost

fairly quickly $6 ,000.

That was a big hit to him.

And just in general, the market was not good to him, and he didn't make some

good trades. So he lost a lot of money initially within the first 12 months.

The losing trades continue.

Merriman is shaken and in over his head.

He has investors to answer to and a wife and a new son to support.

He probably had a little bit of panic.

of loss, that I can't admit to this. This is $400 ,000 of other people's

that I'm responsible for, and I can't admit to losing it. So I can imagine he

was panicked.

He was very stressed about his job and said he had a big problem, and he was

working on a way to fix it.

And then I just remember a moment when he came to me and announced, oh, I

figured out a way to solve my...

accounting problem and i said oh good good for you and that was that was the

extent of it merriman hatches a plan a way to cover up the loss and buy himself

more time he'll start a new fund and reel in a new crop of investors but when

made initial losses he had to try to cover it up so he had to find go out and

find new clients and those new clients would put money in And that would enable

him to pay off the old clients that were wanting to withdraw money.

Merriman says his new investment fund will take a more conservative approach.

He claims to be well -versed in sophisticated option strategies that

steady returns of 7 to 20 percent.

But he always said, I will use covered call options to cover the downside so

there is really no risk and you won't lose money.

Which, come to later find out, was kind of funny because he never passed his

options exam.

Merriman tells investors they need a minimum of $100 ,000 to get in. But he

he will make an exception for his parents, Sally and Jack.

And he told us he was really going for the big dollar investor.

But because we were his parents, he would take, if we wanted to invest, with

smaller amount, our much smaller amount.

he would invest it to help make it grow.

Jack Merriman worked in construction as a pipe fitter until he was 68 years old.

After decades of scrimping and saving and raising a family, he has $35 ,000 in

his retirement account.

Now the Merrimans hand over that hard -earned money to their son.

And you really feel, if you cannot trust your child that you have raised, then

who can you trust?

Each month, Sean mails a statement showing small but steady gains in his

parents' account.

We got wonderful statements every month telling us how this wonderful thing was

growing. I was just amazed at how well he had done.

Really. He must really know finance.

After tapping his family, Merriman works his connections at church and in his

neighborhood.

And as Assistant U .S. Attorney Tim Neff discovers...

Merriman frequents classic car shows on the prowl for new investors.

One of the things he liked to collect was vintage cars.

And so we started frequenting and going to various car shows. It was certainly a

field that was ripe for the pickings, and Sean Merriman knew how to exploit

that.

In 1994, Merriman sets his sights on a new target, 54 -year -old Tim

Gilmartin. Gil Martin is a commercial pilot, but it's cars that he is

about. For years, he's been restoring a 1936 Kord.

Now Merriman and Gil Martin strike up a friendship.

We went to swap meets together. We went to shows together. Absolutely.

We're good friends.

It's all about the cars.

Merriman tells Gil Martin he runs an exclusive investment club.

but that it's currently closed to new investors.

Sean Merriman always played the soft sell to the investors. Hey, I don't

need your money.

I don't like to necessarily deal with friends and family, but I'll make an

exception here.

And that whole idea that his investment fund was something exclusive was in part

key to his success.

I mean, this wasn't going to be open to everybody, so you had to get in quick,

because if you didn't, you know, somebody else might step in.

And that's why he was able to take advantage of so many people.

One year later, Merriman offers Gilmartin a shot to get in the club.

He said some shares came available. Somebody opted out of his fund.

Shares came available.

Would you like to invest with me?

His shtick was, if I make money, I get 40 % of the profit.

If I lose money, I don't take any money.

So, okay, that sounds good.

Yeah, it's a hefty price, but he was doing very well.

Gil Martin and his wife Nancy buy in. They send Merriman a check for $48 ,000.

Like clockwork, the couple starts receiving monthly statements showing

consistent gains.

We just let them ride. I mean, we got a statement every month, and it looked

good. We're making money.

Every month we're going up.

The Gil Martins are watching their money grow, and they consider themselves

lucky for the chance to invest with Sean Merriman.

And they aren't the only lucky ones. Money is pouring into Market Street

Advisors, and Merriman is again off and running.

But he was successful in starting his scheme.

He made that loss, covered it up, and was able to keep going.

I think he had skill and talent in the area of salesmanship.

He was a very good salesman. He could sell himself to anyone.

Do it successfully.

Merriman has a fresh infusion of cash.

But instead of investing the money, he begins spending wildly on himself.

He builds a 4 ,800 -square -foot addition on the back of his house.

Inside is space for a new office, as well as a place to indulge in his

I had an exercise room.

It had space for the old cars that he collected and restored.

It had a woodworking shop in it because he liked to build furniture.

He was a big hunter. It had reloading stations in it. Pretty much everything

that was his was down in that building.

Merriman renovates the backyard and builds a swimming pool, sports court,

ponds, and a gazebo.

He heads to Africa on a game hunt.

He takes his family on a trip to New Zealand.

All of this paid for with money stolen from his investors.

You have to be a greedy person to not only take these people's money, but then

the lifestyle that he lived was so lavish. It was something that most of us

wouldn't even dream about.

Next on American Greed, a call to serve in the Mormon church is about to bring

business to a whole new level.

He used his position in the Mormon church as a bishop to get people to give

money to him for his scheme.

You might say he milked that.

In 2001, Sean Merriman is living a double life.

His family, his church, and his community see him as a devout Mormon, a

man, and a successful money manager.

But behind the scenes, Merriman has taken in millions of dollars from his

unsuspecting clients, and his entire business is a sham.

He didn't have an investment strategy because he didn't invest the money. He

just took it and used it to live this lavish lifestyle.

In 2001, Merriman's image gets a boost when he is called to serve as a bishop

the Mormon church.

It's a very sacred calling, and there's a very sacred trust.

Brent Hillier is an elder in the Church of Jesus Christ of Latter -day Saints.

Members of the church look to the bishop as their spiritual and temporal leader.

They preside over the weekly services.

They are well thought of and well respected by the congregation.

Merriman dedicates more than 20 hours each week to his role as bishop.

And at home, Merriman practices what he preaches.

We had daily family prayer. We studied the scriptures with our kids every day.

We had weekly family home evenings where we would do an activity as a family or

teach our kids a life or gospel principle such as honesty or love within

family, love at home, serving others, kindness.

With the sanctity of the Mormon church behind him, Merriman's business takes

off. And now he's a bishop in the Mormon church.

That's just even more reason to trust him.

Word of the devout money manager spreads around town, and investors are flocking

to Merriman.

Investors like Gary, who asks American Greed not to show his face.

In 2001, Gary buys a home two doors down from Merriman.

When his chiropractor touts Merriman's success, Gary wants to get in to the

exclusive club.

And he says, when you move in there, I've got somebody I want you to meet.

He's an investment advisor, and everything he touches turns to gold. You

amazed. He's the nicest guy, he's a bishop in our church, and everything he

touches turns to gold.

With just a high school degree, Gary began his career as a tool dealer.

and eventually built a business from scratch.

When he told you what his strategies were, they made a lot of sense.

Like so many before him, Gary buys into the pitch.

He sends Sean Merriman $70 ,000 and begins to watch in amazement as his

grows. So you can see that if you average it out, it averages 12 to 20%.

They were getting these statements in the mail that weren't outlandish. You

know, they weren't earning 80%. They were regular statements that looked like

they were earning what they should from a regular investment.

And as time went along, we had amassed a decent -sized portfolio, enough that

with the earnings that he was generating, I felt confident enough to

business and retire.

All the money went to Sean.

Gary hands over the proceeds from the sale of his business.

more than $600 ,000, and prepares to enjoy his retirement.

I think a lot of investors probably thought, wow, I've really hit the

here. I'm lucky that this genius, this guru, will give me an opportunity to

invest with him. I'm not going to ask any more questions. I'm just going to

trust that he just continues to make me my millions, when in reality he was

swindling it right out of their back pocket.

While Merriman is a superstar salesman, he's not a skilled investor.

He is trading only sporadically and losing.

He wanted to be a good investor. He was, so to speak, a legend in his own mind

in the market. But the paper trail and the actual accounting record for his

track success in the market was abysmal failure. He could not predict the market

well, and he failed as a stockbroker.

Behind the scenes, new money is not coming in fast enough.

Merriman is having a hard time keeping up with the redemptions and funding his

lavish lifestyle.

The strain is beginning to show.

In 2001, Tim Gilmartin has an unsettling experience when his wife asks for a $10

,000 withdrawal from their account.

She takes the check, deposits it in that bank.

And they call up and said, there's no money in this account. The check

And imagine the stress that he must have been under to know when person A wanted

his or her money, I've got to go out and find somebody else.

But Merriman assures Gil Martin it is a bank error. And two days later, the

check clears.

For now, Merriman is managing to keep the business afloat.

Ever the salesman, he continues to bring in new money.

He knew how to continually get the confidence and trust of individuals.

So it was an ultimate fraud, and he was excellent at doing it.

Up next on American Greed, the money continues to flow in, and Merriman's

spending kicks into high gear.

If wanting more and more and more is what you call greed, it's fair to say

Sean Merriman was a greedy, greedy man.

By the early 2000s, Sean Merriman has weathered the ups and downs of his

investment scheme and appears to be back on top.

The esteemed Mormon bishop runs the most sought -after investment fund in town.

He has dozens of investors from multiple states, and he is living big on his

investor's dime.

I mean, this guy was living a life that most of us will never get to live.

Merriman takes his family on trips around the world.

In 2001, they traveled to Africa.

The next year, to England.

Our family got to go to a lot of fun places.

We were able to go to Turkey.

We were able to go to Russia and Poland and Denmark and Sweden and Norway and

Finland. We cruised the Panama Canal.

We saw many, many islands in the Caribbean. We went pretty much anywhere

a goal to go.

And Merriman begins snapping up cars, a 1937 Kord, an Aston Martin with a price

tag of $125 ,000, and a luxury motorhome for half a million dollars.

And he builds an impressive taxidermy collection from his wild game hunts. He

went to New Zealand and hunted. He went to Alaska and hunted. He went to Russia

and hunted bear.

He went to Cameroon, Ethiopia, Zambia, Zimbabwe, South Africa, Tanzania. He

traveled anywhere where there was big game to be had, and then he would have

trophies stuffed or mounted and taxidermied, and he'd put them down in

building. So I always thought that his spending was way above and beyond what

was necessary, but that was what he liked, and I thought he was working

But Merriman has no legitimate source of income.

Everything he buys and every exciting adventure is paid for with stolen

money. But Andrea is kept in the dark and never suspects her husband is up to

good. I got the same statements that everybody else did. So over time, I

our money get to like the $10 million level.

So I thought we were prepared for the future, that we had a good amount saved

that we could live off of, that we could weather a lot of financial storms.

By 2005, Merriman has discovered a new passion, collecting fine art.

Merriman shells out millions of dollars and acquires an astounding 350 pieces,

including etchings by Durer and Rembrandt.

He had quite a collection.

And I just always used to look at them and be amazed that they had survived

many centuries intact.

And there they were, hanging on the walls of our home.

In March 2008, Merriman's collection is displayed in Denver in an exhibit called

The Renaissance of Faith in Art.

On display are 200 original works depicting the life of Christ.

He wanted to build a Christ -centered collection of art.

And it was Rembrandt etchings, old master prints, an original illuminator's

Bible, all kinds of religious -themed artifacts.

More than 30 ,000 visitors come to see the exhibit, and Merriman is hailed as a

hero for making such renowned art accessible to the public.

Sean Merriman was there, and he pridefully watched as individuals would

his hand and admire the collection.

It's hard to believe that when you think about the show, it's all based on a

fraud, and the purchase of these items is all based on swindling of investors.

For now, Merriman is riding high.

But when American greed returns, with the markets in free fall, investors

demanding their money back.

But as people started asking for their money, Sean Merriman didn't have the

money because he didn't invest it. He'd spent it.

on his lavish lifestyle, there was nowhere for him to go.

In 2008, the nation's economy has fallen into a recession.

Breaking news all over Wall Street this morning. This is a special early morning

edition of Squawk as Lehman Brothers files for bankruptcy. The stock markets

plummeting. Unemployment is climbing at a record pace.

And investors everywhere are nervous.

But for Sean Merriman, it's business as usual.

In July, he snaps up a ski boat.

One month later, he buys a five -bedroom cabin in Idaho.

He didn't show any signs of stopping. This was a guy who continued to want

and more.

While the markets are getting hammered, Merriman's statements continue to show

consistent gains.

And some investors are growing suspicious.

He's still making money, and the S &P 100 is down over 45%. Tim

Gilmartin has been investing with Merriman for 13 years.

He has watched his investment increase fourfold.

But now, he and some friends from the car club have an uneasy feeling.

And one of them asked me, Tim, what do you think is happening here? Look, the

market's going down like crazy, but Sean's still making money.

Maybe we should do an audit.

And I said, yeah, that's a good idea, you know.

There were some vocal investors who were demanding a better, more independent

accounting as to how his funds were managed and what their track record was.

And the more they asked for that accounting, the more he resisted.

Investors are hounding Merriman and demanding their money back.

He panicked because people needed money, and they were coming to him to withdraw

their investments.

He didn't have it.

And his world crumbled quickly.

Merriman's accounts are empty.

And with no new money coming in, he can't keep up with the pace of

He takes out a loan on his house in the amount of $940 ,000.

That buys him some time.

But the fraud that Merriman orchestrated is about to collapse.

He was in a pressure cooker.

Sean Merriman really felt like he had been cornered. I don't think he had

another option. I think the walls were closing in on him so fast he had no

choice. Merriman realizes he can't keep up the charade any longer and weighs his

remaining options.

He talked about placing the fine art in a briefcase, fleeing to Europe, and

selling these fine pieces of art over the years and remaining as a fugitive.

He mentioned that he considered, but ultimately rejected, committing suicide,

which left him with his ultimate card that he played in our case.

to surrender to federal authorities, plea for mercy, and try to get the best

deal he could.

On March 18, 2009, Merriman turns himself in to federal authorities.

In my 20 years, I'd never seen an instance where a crime of this magnitude

revealed by an individual raising their hand and admitting to authorities, I've

committed a horrible crime, I need to go to prison for a long time. That's how

the case began.

In a 90 -minute interview, Merriman details how Market Street Advisors was

con. But I was actually struck at how matter -of -factly he recited the facts

and his involvement in this particular case.

Merriman brought in 68 investors from multiple states.

And over the course of 15 years, he took in more than $21 million.

Now, the money is spent.

And I got the impression from him that on some level he was absolutely

of living this lie.

Many of Merriman's burned investors were family, close friends, neighbors, and

fellow Mormons.

To the people who lost money, it was absolutely the ultimate betrayal.

It was a friend. He would go to barbecues with his clients.

He would take them on trips.

He would go to church with them.

Talk about somebody who just betrayed everything that you ever believed in.

That's what they say Sean Merriman did.

After confessing, Merriman is allowed to walk free while the government builds

its case.

He returns home to break the news to his wife.

And he said, I need to tell you that my company, Market Street Advisors, is a

sham. And that was the beginning of the end for me.

That's where it all ended.

In an instant, Andrea discovers her life was based on a series of lies.

I just sat there. I was so in shock. I couldn't react either.

And then after he told me that he would be going away and I'd be left alone to

raise our children and that he was sorry, he started to cry.

And that's when I knew it had to be real, that it must not be a joke.

I just could not comprehend it.

All I could think of was, I need to get away from this man.

I just felt like he was a stranger just in an instant, in a moment.

He was someone that I didn't know, and I couldn't imagine that I'd ever known

him.

But Merriman isn't done.

He picks up the phone and begins dialing each and every one of his victims,

including his own mother.

He just said, Mom, I have to tell you something very bad.

I have...

Been running a Ponzi scheme. I took your money.

And that's when I said, how could you?

I said, you took all of our money that we're counting on for retirement?

He said, yes.

And it's like, then what went wrong? Why would you do this?

Sally and Jack's original investment of $35 ,000 had grown to $178 ,000.

Now they learn that money has vanished.

And it was just...

You're sick.

You are sick to your stomach.

And you think, how could he?

And he said, I feel I will only get five years because I am turning myself in,

and I will help them as much as possible.

It was just a total shock that everything was gone.

For Tim Gilmartin, his suspicions are now confirmed.

Merriman's betrayal is hard to comprehend.

How could you do that?

to your family, your friends, car guys, everybody.

How could you do it? So I don't know how he slept at night. I really don't.

Many investors, like Gary, are completely devastated.

He just said, I notified the feds on Monday, and there is no money.

There never has been.

And this has all been a fraud and a sham.

Gary had invested his entire life savings with Sean, more than $800 ,000,

which had grown to more than $1 million on paper.

Now it is all gone.

The deception is more than Gary can bear.

I went home and loaded a .45 and had every intent of going down and blowing

away.

But when I got to the front door, I realized that would put me in prison

and I'd miss my family.

The investors were outraged. They frankly, you know, wanted blood for Mr.

Merriman. When American Greed returns,

Sean Merriman will have his day in court and come face to face with his outraged

investors. I want to see that son of a bitch go to jail.

In March 2009, the news of Sean Merriman's scam spreads quickly.

No one, it seems, suspected Merriman capable of such deceit.

You begin to wonder if the man has a soul or a heart to engage in this kind

just callous conduct.

On April 8, the team of federal agents arrives at Merriman's sprawling home to

begin seizing his assets.

But even in their wildest dreams, agents could never have imagined the treasure

trove they were about to uncover.

That part was overwhelming.

All of us are amazed and just in shock that there was so much stuff.

Packed into the building behind his house, investigators discover seven

A 22 -foot ski boat, a luxury motorhome, a Harley Davidson and 13 dirt bikes and

dune buggies, a taxidermy room, 34 antique weapons, and nearly 200 pieces

of sports memorabilia.

And artwork is piled up to the ceiling, more than 350 words.

We were just dumbfounded at the amount of the stuff that he had accumulated and

bought. Neighbors look on as the items are tagged and hauled away.

So he wasn't behind bars.

And his neighbors, who were investors, the people he'd taken advantage of, sat

on their front porch and watched this lavish lifestyle, all this stuff just

out of this place.

You want to talk about the ultimate insult. It must have been like rubbing

in the wound.

After five months of walking free...

Merriman is finally arrested and charged with one count of mail fraud.

He pleads guilty and on September 14, 2010, stands in a packed courtroom to

learn his fate.

Thirty investors are on site, many sharing with the court their own stories

grief and devastation.

I wanted the judge to consider the ramifications of what he did and to make

pay for as long as he could.

Sean Merriman had told his mother he expected a light sentence since he

himself in.

Sally, who was defrauded herself, shows no mercy to her son and writes a letter

urging the judge to make him pay.

I recall thinking to myself, wow, that gives you some insight as to just how

deep and how bad this crime was.

When his very own mother wants a heavy sentence for her son.

Sean Merriman is sentenced to the maximum.

12 and a half years in prison.

For many investors, that is not long enough.

But for Merriman's four children, it seems unimaginable.

All I could think of was, my son's going to be 28 the next time he sees his dad.

That's my oldest.

And my youngest will grow up without his dad, and he'll be 15 or 16 before he

really gets to meet him.

They lost their whole lives.

At a very young age, I think they have had to live through something that

should ever have to live through.

The betrayal runs deep.

Andrea and her kids have lost countless relationships with friends and family

who were scammed by Sean.

And they have been the target of many accusations, despite being cleared of

wrongdoing. Was Andrea Merriman part of this scheme?

That was one of the first questions we had and the first question we looked

into.

And there was nothing anywhere that indicated that she knew what was going

It was a difficult time. There were a lot of people angry at us. I felt bad. I

felt guilt that I was married to someone that would do something like that.

Looking for a fresh start, Andrea files for divorce and moves to Utah where she

finds a job in public relations.

She eventually remarries and builds a new life.

But I have chosen to move on every single day since then. So I think that's

key to surviving hard things is choosing to carry on and choosing to make a new

life out of what you're left with, even if you're not left with very much.

The luxurious lifestyle Andrea and her children once knew is gone for good.

But the family has found happiness again in a simpler way of life.

Sometimes you have to have something bad to put your life in the right

perspective. And for me, I grew up with everything I wanted and was really

worried about stuff like that. But now I've learned what's important and I'm a

better person because of it.

Sean Merriman has lost everything.

His family, his fortune, even his religion.

Once an esteemed bishop, Merriman has been excommunicated from his church.

He violated the trust that was given to him in that position.

He was excommunicated within just a few days.

That's the most severe action that can be taken in the church.

The tragedy of this whole thing is the talents and the intelligence and the

potential that he had to do anything. He could do so many things and

selfishness and greed and pride.

took all of that away, and now he's left with nothing.

Absolutely nothing.

He's alone in a cell. No family, no money, no home, no cars.

Nothing.

But for Sean Merriman's victims, many had their dreams, their future, and

security stolen from them.

Many victims lost everything.

They lost their retirement savings.

They lost kids' and grandkids' college funds.

Some of these folks were retired.

Well, they had to go back to work. They had to find more jobs because they lost

everything. Many of Merriman's assets were auctioned off.

But authorities say investors will be lucky to get back pennies on the dollar.

He's a sociopath.

He doesn't care about anything but Sean.

He doesn't care that you've invested your complete life with him.

After losing more than $1 million in the scam, Gary couldn't make his mortgage

payments and eventually lost his home.

I hope I never have to look him in the eye again.

And if he dies in prison, yay.

He got what he deserved.

Sally and Jack Merriman lost more than their retirement.

The hurt stays.

And it's the betrayal that...

Of the parents, that is the worst.

In a way, it is the death of your child.

The child as you knew them is gone.

You can't open that door again and let him back in.

A con artist will be a con artist.

And no, the best way to protect yourself is to have nothing more to do with

them.

Sean Merriman sits in a prison cell in South Dakota.

He is scheduled to be released in August 2020.

He just became a really master thief.

But master thieves do get caught.

And he did.