New York Tax Preparer Charged in $50 Million Ponzi Scheme

Posted on June 13th, 2025 at 11:52 AM
New York Tax Preparer Charged in $50 Million Ponzi Scheme

From the desk of Jim Eccleston at Eccleston Law

New York’s Attorney General announced the arrest of Miles Burton Marshall, an upstate New York tax preparer and insurance agent accused of orchestrating a decades-long Ponzi scheme that defrauded nearly 1,000 investors out of more than $50 million.

Based in Hamilton, New York, Marshall allegedly enticed clients to invest millions in what he called the “Eight Percent Fund.” He claimed their money would fund real estate investments, including property purchases and rental refurbishments. InvestmentNews reports that authorities say Marshall used new investors’ money to pay returns to earlier investors, while also financing personal expenses and other business operations.

According to the Attorney General’s office, Marshall ran the scheme from the early 1990s through March 2023. He consistently misrepresented the profitability of his supposed real estate business, promising an eight percent annual return to investors while concealing the company’s financial decline.

By 2016, Marshall’s liabilities had reportedly surpassed his assets by over $40 million. However, he continued soliciting new investments for another seven years, according to InvestmentNews.

 

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

Tags: eccleston, eccleston law

Return to Archive

TESTIMONIALS

Previous
Next

Thank you so very much for your guidance, patience, and expertise.

Beth and Steve K.

LATEST NEWS AND ARTICLES

February 6, 2026
Delaware Regulators Fine Kovack Advisors $985,000

Kovack Advisors Inc., the registered investment adviser affiliate of independent broker-dealer Kovack Securities Inc., agreed to pay a $985,000 fine to Delaware securities regulators.

February 5, 2026
FINRA Fines Broker-Dealer for Repeated Form CRS Disclosure Failures

The Financial Industry Regulatory Authority (FINRA) fined VSI Securities Inc., formerly known as Venecredit Securities Inc., $20,000 for failing to accurately disclose the firm’s disciplinary history in its customer relationship summary, known as Form CRS.

February 4, 2026
Investor Redemptions Rise in Nontraded BDCs Amid Credit Concerns

Financial advisors and their clients have increased redemptions from nontraded business development companies (BDCs) following a series of high-profile corporate bankruptcies, according to InvestmentNews. The surge highlights growing investor concern about liquidity and credit exposure within these high-yield but often risky investment ...