A Madison County tax preparer and insurance agent who stole more than $50 million from clients will spend at least four years in prison. The state attorney general’s office said Miles Burton Marshall pleaded guilty to using investors’ money to fuel a Ponzi scheme that also covered his business and personal expenses, including airline tickets, retail purchases, and dining.
“Miles Burton Marshall scammed his clients out of their life savings and used their hard-earned money to fuel a classic Ponzi scheme,” said Attorney General James. “My office will not tolerate anyone who breaks the law and misleads investors to line their own pockets."
The AG said Marshall’s illegal activity began in the early 1990’s when he solicited clients to invest money that he claimed would be used for real estate holdings. Instead, he misrepresented the profitability of the business and used the money to pay promised investment returns to prior investors. Marshall eventually ran out of money and filed for bankruptcy.
In addition to the 4 to 12 year sentence, he must also pay his nearly 1,000 victims $90 million in restitution, which includes interest on their investments.
