Randy Miller, 70, and his son Chad Miller, 41, both of Phoenix, were arrested Tuesday for allegedly defrauding investors out of more than $280 million. The father and son duo are accused of orchestrating a complex fraud scheme linked to the development of Legacy Park, a sports complex in Mesa, Arizona.
According to the U.S. Attorney’s Office for the Southern District of New York, the Millers are charged with a multi-year effort to deceive investors between November 2019 and May 2023. They allegedly fabricated letters of intent and other documents to falsely portray high demand from sports organizations and event organizers for Legacy Park.
The fraudulent scheme involved forging signatures and directing others to sign customer names without permission, including documents falsely binding disabled sports organizations to major events and financial commitments. These deceptive documents were used to convince investors that the facility would open fully booked and generate nearly $100 million in its first year—far from the truth.
After selling municipal bonds to finance the sports complex, the Millers reportedly used the proceeds for personal expenses, including luxury SUVs and a house. They also paid themselves inflated salaries and made significant cash withdrawals.
Despite opening in 2022, Legacy Park failed to meet its revenue projections and quickly entered financial distress. By October 2022, the project was in default. In May 2023, the complex filed for bankruptcy. It was eventually sold for less than $26 million, recovering under $2.5 million for the bondholders, who suffered nearly total losses.
The Millers are set to appear in U.S. District Court in Phoenix, where they will face the charges. As of now, the charges are allegations, and the Millers are presumed innocent until proven guilty.
