Ponzi Schemer Steals $50M, Faces Jail Time

0:00A 74-year-old businessman from upstate New York just pleaded guilty to running a Ponzi scheme that stole more than 50 million dollars. From hundreds of folks, Miles Burr Marshall faces four to 12 years behind bars, and charges of second-degree grand larceny, securities fraud, and a first-degree scheme too, defraud. This all came down Tuesday thanks to the state attorney general's office. For decades, Marshall handled taxes and insurance in the small village of Hamilton near Colgate University. He ran something called the 8% fund, promising steady annual returns, and pulled in cash from neighbors, churches, and local groups mostly. Through word of mouth, victims lost their life savings to this classic scam, with Marshall blowing their money on shopping sprees, fancy vacations, and restaurant tabs. Attorney General Latisha James called it out straight, saying he fueled the fraud with hard-earned cash from trusting people. It worked for years. He even paid interest and handled withdrawals like clockwork.

1:02But last year, after a heart issue, and investors rushing for their money, he filed for chapter 11 bankruptcy, listing over $90 million. In debts against 21.5 million in assets, Marshall heads to Madison County Court for sentencing on June 11th, wrapping up a long con that hit close to home for so many in that community. This has been Durham News Today, powered by AI. I'm Corey, with the story.