Tr?id=566623520170033&ev=PageView&noscript=1

New York Insurance Agent Pleads Guilty to $50 Million Ponzi Scheme

Posted on June 15th, 2026 at 12:08 PM
New York Insurance Agent Pleads Guilty to $50 Million Ponzi Scheme

From the desk of Jim Eccleston at Eccleston Law

A New York insurance agent and tax preparer has pleaded guilty to operating a Ponzi scheme that allegedly defrauded nearly 1,000 investors out of more than $50 million over several decades, according to a report by InvestmentNews.

Miles Burton Marshall, who operated in Hamilton, New York, admitted to charges stemming from his management of the so-called "Eight Percent Fund," an investment program he promoted to clients as a vehicle primarily focused on real estate investments.

According to a statement from the New York Attorney General, Marshall instead used investor funds to pay returns to earlier investors, support his other business ventures, and cover personal expenses. Authorities also alleged that he spent investor money on shopping, vacations, dining, and other personal expenditures.

Authorities also alleged that Marshall directed employees to create false account statements and transaction summaries that misrepresented investor balances and purported earnings. According to prosecutors, investors relied on those statements, believed their investments continued to generate steady returns, and committed additional funds to the program.

According to InvestmentNews, investigators further determined that Marshall's liabilities exceeded his assets by more than $40 million as early as 2016, highlighting the significant financial shortfall underlying the operation.

As reported by InvestmentNews, Marshall pleaded guilty to grand larceny in the second degree, securities fraud under New York's Martin Act, and scheme to defraud in the first degree. He is scheduled to receive a prison sentence ranging from four to 12 years.

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law, ponzi scheme, securities fraud, investment fraud, financial fraud, white collar crime

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

Thank You from the bottom of our hearts for all you have done for us. When we realized this was a very bad investment - we did not know where to turn for help. Then we received your name. When we called you - you were so kind to us and then agreed to help us. For this we are so very grateful. The world would be a much nicer place if there were more people like the two of you in it. We will always remember all the help and kindness you have shown us. Thank you so very very much for everything.

Wayne and Judy S.

LATEST NEWS AND ARTICLES

1790355869 Law
September 25, 2026
SEC Bars Advisor for Unauthorized Trades and Client Data Misuse

A California-based investment adviser has agreed to a three-year industry bar and $266,000 in monetary sanctions after the Securities and Exchange Commission (SEC) accused him of making unauthorized trades, transferring confidential client information to a newly launched registered investment adviser, and concealing his termination from a former...

1790276008 Law
September 24, 2026
FINRA Proposes Expanded Fraud Protections and Trusted Contact Flexibility

The Financial Industry Regulatory Authority (FINRA) has sent three proposed rules to the Securities and Exchange Commission (SEC) for approval.

1790182800 Law
September 23, 2026
SEC Warns Investors About Pre-IPO Investment Scams

The SEC's Office of Investor Education and Advocacy (OIEA) has issued an Investor Alert warning investors about scams that falsely offer opportunities to purchase "pre-IPO" shares of companies.