A 27-year-old Charlotte man received a 41-month prison sentence for running an investment fraud scheme that scammed over 100 victims out of more than $700,000. Frank Lynold Mercado, who promoted his business as Tiger-Wolf Capital, LLC, also faces two years of supervised release and has been ordered to pay $709,690 in restitution, according to the United States Attorney’s Office.
Mercado scammed friends and former co-workers by falsely presenting himself as an options trading expert to attract investors from July 2019 to December 2022. He used their money for personal expenses, including Airbnb rentals and expensive meals, while promising fake trading gains. After pleading guilty to wire fraud on June 12, 2022, he was ordered by U.S. District Judge Kenneth D. Bell to surrender to authorities once a federal facility is designated. The sentencing was announced by Federal Bureau of Investigation Special Agent Robert M. DeWitt and U.S. Attorney Dena J. King, as reported by the United States Attorney’s Office.
On May 30, the U.S. Securities and Exchange Commission filed a complaint against Frank Lynold Mercado and Tiger-Wolf Capital. Following this, on July 2, the court banned Mercado from holding any officer or director positions in public companies and restricted his participation in most securities transactions. U.S. Attorney King acknowledged the Federal Bureau of Investigation for their thorough investigation and the Securities and Exchange Commission for their cooperation. The case was prosecuted by Special Assistant U.S. Attorney Eric Frick from the U.S. Attorney’s Office in Charlotte, as stated by the United States Attorney’s Office.
