Hamilton Co. man charged in multi-million dollar Ponzi scheme

John Marcum. (WISH Photo)

INDIANAPOLIS (WISH) — A Hamilton County man who called himself a modern day Robin Hood is facing federal charges.

John Marcum is accused of swindling more than $4 million from 16 investors in a money laundering scheme. A 10 a.m. press conference is being held in downtown Indianapolis by the U.S. Attorney’s office, FBI and IRS where it is being announced Marcum will be charged with wire fraud, bank fraud and money laundering.

In an I-Team 8 exclusive, Marcum talked one-on-one in 2013 about his role in the Ponzi scheme and why he offered to commit suicide to pay back his victims.

The SEC has accused Marcum of running a multi-million dollar Ponzi scheme that tricked investors out of their retirement. He used the money to invest in Southern Kitchen, a soul food restaurant in Fishers, and a bounty hunters reality show.

Marcum lived the Hollywood lifestyle on the red carpet, hanging with celebrities and managing the career of race car driver Arie Lyuendyk. His other company, XYQ, was a big sponsor of IndyCar and Playboy parties. According to SEC court records, Marcum used investor money “to finance that lifestyle.” A half million dollars were used for “luxury car payments, airline tickets, expensive meals, hotels.” Along with fake monthly statements he gave fake documents showing he was worth nearly $300 million, according to court records. They go on to state, “In fact, Marcum is nearly broke … his accounts contain less than $2,000.”

Watch the original, exclusive I-Team 8 interview below:

Read the charging documents released Friday:

 

WISHTV.com provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. Please be respectful of the opinions of others and keep the conversation on topic and civil. If you see an inappropriate comment, please flag it for our moderators to review.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s