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Upstate New York man pleads guilty to stealing more than $50M in Ponzi scheme
Marshall admitted using new investor money to pay earlier victims and personal expenses in a scheme that left 988 investors owed about $90 million.
- On Tuesday, Miles Burton Marshall pleaded guilty to grand larceny, securities fraud, and scheme to defraud in Madison County Court, facing four to 12 years in prison when sentenced on June 11.
- For decades, Marshall solicited investments into his so-called "Eight Percent Fund," falsely promising high returns while operating a classic Ponzi scheme by using money from new investors to pay interest to previous ones.
- New York Attorney General Letitia James stated Marshall stole over $50 million from 988 investors, leaving him owing approximately $90 million in principal and interest, with many losing their life savings.
- Marshall spent his investors' funds on personal luxuries, including travel, restaurants, and shopping, rather than the promised real estate investments that Attorney General James said he claimed to finance.
- After filing for bankruptcy with less than $22 million in assets, Marshall faces sentencing on June 11, though victim Dennis Sullivan wrote, "I don't feel justice was served.
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Associated Press News+6 Reposted by 6 other sources
Upstate New York man pleads guilty to stealing more than $50M in Ponzi scheme
An upstate New York businessman accused of stealing over $50 million from hundreds of people has pleaded guilty to charges related to a Ponzi scheme.
·United States
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Burt Marshall pleads guilty and will serve prison time for running decades-long Ponzi scheme
Wampsville, N.Y. – Madison County businessman Burt Marshall pleaded guilty Tuesday, admitting he ran a scheme to defraud hundreds of investors out of $94.6 million in a decades-long Ponzi scheme.
·Syracuse, United States
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Coverage Details
Total News Sources13
Leaning Left4Leaning Right4Center4Last UpdatedBias Distribution34% Left, 33% Center, 33% Right
Bias Distribution
- 34% of the sources lean Left, 33% of the sources are Center, 33% of the sources lean Right
34% Left
L 34%
C 33%
R 33%
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