The Securities and Exchange Commission said Wednesday that it has obtained a court order halting an ongoing Ponzi-like scheme that raised more than $345 million from over 230 investors, some of whom were current and former pro athletes, retirees and financial advisors. The SEC also obtained an emergency asset freeze and the appointment of a receiver.

The SEC complaint, unsealed Tuesday, alleges that Kevin B. Merrill, Jay B. Ledford and Cameron Jezierski attracted investors to their scheme by promising significant profits from the purchase and resale of consumer debt portfolios. In a parallel action, the U.S. Attorney’s Office for the District of Maryland announced criminal charges Tuesday against Merrill, Ledford and Jezierski.