Upstate NY Businessman Pleads Guilty in $50M Ponzi Scheme Affecting Hundreds
Miles 'Burt' Marshall, a businessman from Hamilton, New York, has pleaded guilty to charges related to a Ponzi scheme that defrauded hundreds of people out of more than $50 million. The charges include second-degree grand larceny, securities fraud, and first-degree scheme to defraud. Marshall, who is 74 years old, had been operating in the village near Colgate University, where he prepared taxes and sold insurance. He also managed what was known as the '8% Fund,' promising high returns to investors. However, it was revealed that he used new investments to pay off earlier investors, a classic Ponzi scheme tactic. By 2011, Marshall owed nearly 1,000 individuals and organizations approximately $95 million in principal and interest. The state attorney general, Letitia James, noted that Marshall misused the funds for personal expenses such as shopping and vacations. Marshall is set to be sentenced on June 11, facing a potential prison term of four to 12 years. 
