Ponzi Scheme Victimizes Upstate NY Community

0:00A 74-year-old businessman from upstate New York named Miles Burr Marshall just pleaded guilty to running a massive Ponzi scheme that ripped. Of hundreds of folks, for more than $50 million, he copped a second-degree grand larceny, securities fraud, and a first-degree scheme to defraud, facing anywhere from four to 12 years behind. Bars. For decades, Marshall handled taxes and insurance in the small village of Hamilton near Colgate University, but he also ran this thing called THE. 8% fund, promising steady annual returns. Word of mouth brought in neighbors, churches, and local groups who trusted him with their cash. Attorney General Latisha James slammed it as a classic scam where he blew investors' life savings on shopping sprees, vacations, and fancy dinners. Victims thought their money was safe for years since he paid interest and handled withdrawals until it all crumbled. Last year, after a hard scare, Marshall filed for chapter 11 bankruptcy protection amid a rush of people demanding their money back.

1:01He listed over $90 million in debts against just $21.5 million in assets. Sentencing set for June 11th in Madison County Court, wrapping up a long-running fraud that hit close to home for so many in that tight knit, community. This has been Canada News Today, powered by AI. I'm Cory with the story.