Ponzi Scheme: 74-Year-Old Businessman Faces Jail

0:00It's April 29. This is Global News Today World Coverage powered by AI, a 74-year-old businessman from Hamilton, New York, just pleaded guilty to running a massive Ponzi scheme that ripped off hundreds of folks. For more than $50 million, Miles Burt Marshall admitted to second-degree grand larceny, securities fraud, and a first-degree scheme to defraud. He's looking at four to 12 years behind bars. For decades, Marshall handled taxes and insurance in that small village near Colgate University, but he also ran this thing called the 8%. Fund. Promising steady annual returns. Word spread through neighbors, churches, and local groups, pulling in investments over the years. Attorney General Leticia James called it a classic scam, saying he blew investors' life savings on shopping sprees, fancy vacations, and restaurant. It hit hard in a tight-knit community where it trust ran deep. Things unraveled in 2023 when Marshall got hospitalized for heart issues, sparking a

1:01rush of people wanting their money back. He filed for Chapter 11 bankruptcy, listing over $90 million in debts against 21.5 million in assets. Sentencing set for June 11 in Madison County Court, wrapping up a fraud that shattered faith in this local figure.