Frank Lynold Mercado, Wire Fraud, North Carolina 2024

A Charlotte man has pleaded guilty to wire fraud for his role in an investment fraud scheme that swindled over 100 victims out of more than $700,000.

Frank Lynold Mercado, 26, of Charlotte, North Carolina, admitted to defrauding victims through a scheme in which he held himself out to be an expert in options trading with years of experience and a successful track record.

However, instead of investing the funds as promised, Mercado used a substantial portion of the investors' money to fund his personal lifestyle, including making large credit card payments and paying for personal expenditures such as Airbnb rentals, restaurants, and bars.

Court documents also show that Mercado used the investors' money to make Ponzi payments to previous investors.

Mercado was released on bond following his plea hearing, but faces a maximum prison sentence of 20 years for the wire fraud charge.

The U.S. Securities and Exchange Commission also filed a complaint against Mercado and his company, Tiger-Wolf Capital, LLC, in May 2024, charging them with securities violations.

U.S. Attorney Dena J. King commended the FBI for their investigation of the case and thanked the U.S. Securities and Exchange Commission for their coordination and assistance.

Special Assistant U.S. Attorney Eric Frick of the U.S. Attorney's Office in Charlotte is prosecuting the case.

Mandatory Facts:

1. Defendant: Frank Lynold Mercado

2. Exact Criminal Charges: Wire Fraud

3. City and State: Charlotte, North Carolina

4. Exact Date: July 2019 to December 2022 (crime date)

5. Sentence or Outcome: Released on bond, faces up to 20 years in prison

6. Dollar Amounts: Over $700,000 in losses

Source: https://www.justice.gov/usao-wdnc/pr/charlotte-man-pleads-guilty-wire-fraud-investment-fraud-scheme