NY-AG v. Marshall, Miles Burton

Miles Burton Marshall allegedly operated a Ponzi scheme from the early 1990s through March 2023, fraudulently taking more than $50 million from 988 investors by convincing them to invest in his "Eight Percent Fund," claiming funds would be used for real estate investments. Instead, Marshall allegedly used the funds to pay prior investors, cover business expenses, and for personal use including shopping, vacations, and dining. Marshall allegedly directed staff to create fake "Transaction Summaries" to mislead investors about their returns and account balances. By 2016, Marshall's liabilities allegedly exceeded his assets by over $40 million, and he continued to solicit new investments. In bankruptcy proceedings, Marshall allegedly made sworn statements that his assets were less than $22 million, and he owed over $90 million to 988 victim investors.

Summary generated from official New York Attorney General press release