US EditionHe earned a small town's trust. He owed $95 million in what authorities say was a Ponzi scheme
Marshall faces charges after allegedly stealing over $50 million and owing nearly 1,000 investors about $95 million in principal and interest, with victims including retirees and workers.
- Miles "Burt" Marshall, a 73-year-old businessman, pleaded not guilty in June to grand larceny and securities fraud charges in upstate New York.
- After investor funds ceased flowing in 2023, Marshall entered Chapter 11 bankruptcy proceedings two years ago amid mounting financial troubles and increasing legal investigations.
- Marshall allegedly ran a Ponzi scheme since at least 2011, using new investments to pay prior investors while spending funds on personal expenses and other businesses.
- Marshall owed almost 1,000 people roughly $95 million, while investors are expected to recoup about 5.4 cents on the dollar from asset sales; some victims include retirees like Carolyn Call.
- The indictment and bankruptcy filings suggest potential prison time if convicted and highlight the damage to local investors, as many wonder how someone so reliable betrayed their trust.
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Miles 'Burt' Marshall, 73-year-old upstate New Yorker, indicted for alleged $95 million Ponzi scheme
For decades, Miles “Burt” Marshall was the man you went to see in a stretch of upstate New York if you had some money to invest but wanted to keep it local. Working from an office in the charming village of Hamilton, down the road from Colgate University, Marshall prepared taxes and sold insurance. He also took money for what was sometimes called the “8% Fund,” which guaranteed that much in annual interest no matter what happened with the financ…
·New York, United States
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Coverage Details
Total News Sources29
Leaning Left5Leaning Right4Center14Last UpdatedBias Distribution61% Center
Bias Distribution
- 61% of the sources are Center
61% Center
L 22%
C 61%
R 17%
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