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 for your professional assistance with this matter. You are very good at what you do.

John T.

LATEST NEWS AND ARTICLES

July 11, 2025
FINRA Advances Proposal to Allow Limited Use of Performance Projections

The Financial Industry Regulatory Authority (“FINRA”) is moving forward with a proposal that would give broker-dealers limited ability to market performance projections and targeted returns under specific conditions.

July 10, 2025
SEC Permanently Bars Brite Advisors USA Over Custody Rule Violations and Undisclosed Conflicts

The SEC has permanently barred Brite Advisors USA from operating as an investment adviser, citing serious custody rule violations and undisclosed conflicts of interest tied to its offshore affiliate, as reported by Financial Advisor News.

July 9, 2025
UBS Confirms Data Breach After Cyberattack on External Vendor

UBS Group AG has confirmed that a cyberattack on one of its third-party suppliers resulted in stolen company information, though no client data was compromised.