The New York State Attorney General’s Office has announced the arrest of a local tax preparer accused of stealing $50 million over a decades-long Ponzi scheme.
The investigation into Miles Burton Marshall started in 2023.
At the time, the AG urged potential victims to come forward.
According to New York Attorney General Letitia James, the investigation uncovered 988 investors in his supposed Eight Percent Fund, who claimed that their funds would be predominantly used for real estate projects.
According to James, Marshall reportedly misused their monies to satisfy both his personal and other corporate obligations.
The charges against Marshall, who maintained an office in Hamilton, include grand larceny, securities fraud, and conspiracy to deceive.
“For over three decades, Miles Burton Marshall fooled his community into believing he was a trusted businessman when in reality, he was scamming his clients and neighbors out of their life savings,” James said. “Fraud of any kind is not acceptable in New York. My office will continue to ensure all those who cheat New Yorkers out of their life savings are held accountable.”