After two-year investigation, Madison County tax preparer arrested for Ponzi scheme allegations, charged with 49 crimes
The New York State Attorney General announced the unsealing of the indictment, which accuses Miles Burton Marshall of stealing more than $50 million from 988 investors over 30 years.
Marshall is accused of taking money from clients under the guise of an investment, promising a generous 8% return, but instead using funds to pay returns to prior investors, pay personal expenses, and expenses of his other businesses.
In March of 2023, Marshall's attorney told NewsChannel 9 his client is 'not running a Ponzi scheme… as is evident by the fact that he has a number of successful businesses, including over 100 investment properties in and around the Hamilton area.'
The Attorney General's Office has been investigating Marshall's business practices since March of 2023 after he failed to pay debts to clients, as NewsChannel 9 was first to report.
In April of 2023, Marshall declared bankruptcy, saying he only has around $20 million in assets but owes $90 million to hundreds of people who loaned him money, believing it was an investment opportunity.
Many of the debtors have lost their life savings and are hoping some money is returned through the bankruptcy process.
In June of 2023, the U.S. government accused Marshall of running a 'Ponzi' scheme, indicating he used proceeds from new investors to pay off old investors.
In October of 2023, NewsChannel 9 reported that the U.S. Securities and Exchange Commission was investigating the possible Ponzi scheme.
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