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

We just wanted to say thanks for your work in helping us get back some of the money we lost. We are not by any means rich, but we have saved some money and we have done so through a tight-fisted approach to most everything we do. So losing a significant chunk of money hurt…especially at a time when everyone else was growing their accounts. We really appreciate the work you did.

Allan and Adele

LATEST NEWS AND ARTICLES

1783012078 Law
July 2, 2026
Financial Services Institute Backs New Jersey Bill Protecting Independent Advisor Model

The Financial Services Institute (FSI) has urged New Jersey lawmakers to advance legislation that would help preserve the independent contractor status of financial advisors operating in the state.

1782920284 Law
July 1, 2026
Private Credit Funds Face Scrutiny Over Software Exposure Amid Investor Concerns

Private credit fund managers are facing increased scrutiny over their exposure to software companies as investors continue to pull money from the sector during ongoing market volatility.

1782836587 Law
June 30, 2026
FINRA Signals Stronger Enforcement Focus on Reg BI, Excessive Trading, and Best Execution

The Financial Industry Regulatory Authority (FINRA) plans to intensify its enforcement efforts against Regulation Best Interest (Reg BI) violations, excessive trading, options trading, churning, and best execution failures after bringing a record number of retail investor protection cases in 2025, according to ThinkAdvisor.