HAMILTON, N.Y. — The New York State Attorney General’s Office announced the arrest of Miles Burton Marshall, a local tax preparer accused of operating a decades-long Ponzi scheme that defrauded nearly 988 investors out of $50 million.
The investigation, which began in 2023, revealed Marshall’s purported “Eight Percent Fund” promised investors returns primarily from real estate investments. Instead, he allegedly misappropriated funds to cover personal expenses and other business costs.
Attorney General Letitia James stated, “For over three decades, Miles Burton Marshall fooled his community into believing he was a trusted businessman when in reality, he was scamming his clients and neighbors out of their life savings.”
Marshall faces 49 counts, including grand larceny, securities fraud, and conspiracy to defraud. He was arraigned Monday and released on his own recognizance, with conditions including surrendering his passport and staying within New York State.
If convicted, Marshall could face 10 to 20 years in prison, according to the Attorney General’s office.
