Miles “Burt” Marshall Pleads Guilty to $50 Million Ponzi Scheme in Upstate New York

Miles “Burt” Marshall, 74, pleaded guilty Tuesday to charges stemming from a Ponzi scheme that prosecutors say stole more than $50 million from hundreds of people in upstate New York, according to the state attorney general.

“Upstate New York man pleads guilty to stealing more than $50M in Ponzi scheme An upstate New York businessman accused of stealing over $50 million from hundreds of people has pleaded guilty to charges related to a Ponzi scheme A businessman accused of stealing more than $50 million from hundreds of people in upstate New York as part of a massive Ponzi scheme pleaded guilty Tuesday to charges stemming from the fraud, according to the state attorney general”

ABC News

The Associated Press reported that Marshall faces four to 12 years in prison after pleading guilty to second-degree grand larceny, securities fraud and first-degree scheme to defraud, with the attorney general’s office securing an indictment last summer.

ABC News

ABC News described the same plea as “charges related to a Ponzi scheme,” and said Marshall pleaded guilty to second-degree grand larceny, securities fraud, and first-degree scheme to defraud.

Times Now likewise said Marshall faces a prison sentence ranging from four to twelve years after his guilty plea to second-degree grand larceny, securities fraud, and first-degree scheme to defraud.

In the local reporting, the Rome Sentinel placed the plea in a Wampsville courtroom on Tuesday, April 28, and said Marshall accepted a plea deal in a massive, $94 million Ponzi scheme.

The Rome Sentinel also said Marshall will serve four to 12 years on the grand larceny charge, while the other two pleas carry indeterminate sentences of 1 to 3 years, and that the sentences will run concurrently.

The Rome Sentinel further reported that Marshall was released under probationary supervision until May 12, when he would be remanded to the custody of the county jail pending sentencing on June 11.

Prosecutors and investigators described Marshall as a tax preparation and insurance businessman in Hamilton, near Colgate University, who took money for what was sometimes called the “8% Fund,” which guaranteed that much in annual interest.

The Associated Press said Marshall prepared taxes and sold insurance in the quaint village of Hamilton, near Colgate University, and for decades took money for the “8% Fund.”

Associated Press

ABC News similarly said Marshall prepared taxes and sold insurance in Hamilton near Colgate University, and that he took money for what was sometimes called the “8% Fund,” which guaranteed that much in annual interest.

Times Now added that Marshall operated a tax preparation and insurance business in Hamilton, near Colgate University, where he attracted investments into a fund that promised an annual return of 8%.

The Rome Sentinel provided additional detail about the so-called “Eight Percent Fund,” saying Marshall solicited unsuspecting clients to invest millions of dollars into his so-called “Eight Percent Fund,” claiming their funds would be primarily used for real property investments.

It also said that instead of using the money for property, Marshall allegedly used funds to pay investment returns to prior investors, as well as to pay his personal expenses and the expenses of his other businesses.

The Rome Sentinel described how the scheme was perpetuated through fake “Transaction Summaries,” which it said were used to show false interest earnings and account balances.

WSYR-TV reported that investigators found Marshall used investors’ money to pay returns to prior investors, and that he spent much of his clients’ money on shopping, vacations, and restaurants, while also describing the “Eight Percent Fund” promise and the staff-generated fake “transaction summaries.”

Attorney General Letitia James said Marshall used investors’ funds for personal expenses, including shopping, vacations and restaurants, according to the Associated Press and ABC News.

“Miles Burton Marshall, left, with his defense attorney Jeffrey Parry in Madison County Court, on Tuesday, April 28”

Rome Sentinel

The Associated Press quoted James saying, “Miles Burton Marshall scammed his clients out of their life savings and used their hard-earned money to fuel a classic Ponzi scheme,” in a prepared release.

ABC News carried the same quote from James and described the same allegation that Marshall spent investors’ funds on shopping, vacations and restaurants.

Times Now also attributed the same prepared-release quote to James and repeated that Marshall misappropriated investor funds for personal expenses, including shopping, vacations, and dining.

The Rome Sentinel expanded the list of alleged purchases, saying OAG alleged Marshall used hundreds of thousands of investors’ dollars for personal expenditures, including travel purchases at American Airlines, Priceline, and United Airlines, and at retail and online stores, such as Amazon, Lululemon, and Target, and at grocery stores, restaurants, and yoga studios.

WSYR-TV similarly said the attorney general’s office says he spent hundreds of thousands dollars on purchases from American Airlines, Priceline, United Airlines, Amazon, Lululemon, Target, grocery stores, restaurants, and yoga studios.

The Rome Sentinel also said the scheme involved producing fake “Transaction Summaries” showing false interest earnings and account balances, and that investors relied on those false statements believing they were earning a steady income.

The reporting described the scale of losses and the number of people affected, while also showing how figures varied by outlet.

The Associated Press said a bankruptcy trustee later determined that Marshall had been using new investment money to pay off previous investors by 2011, and that he eventually owed almost 1,000 people and organizations about $95 million in principal and interest.

WSYR

ABC News repeated that he eventually owed almost 1,000 people and organizations about $95 million in principal and interest, citing the trustee.

Times Now said his total liabilities reached nearly $95 million owed to approximately 1,000 investors and organizations, as reported by the trustee.

The Rome Sentinel, however, said Marshall accepted a plea deal in a massive, $94 million Ponzi scheme and that he will enter into judgments in favor of his 988 victims totaling approximately $90 million, while also stating that virtually all of Marshall’s assets were sold off in bankruptcy court, leaving investors with just pennies on the dollar.

The Associated Press said Marshall is scheduled to be sentenced in Madison County Court on June 11, and the Rome Sentinel likewise said sentencing is on June 11 after probationary supervision ends May 12.

In a direct reaction from an investor, the Associated Press quoted Dennis Sullivan, who was owed about $40,000, saying, “I am shocked and a little upset that he didn’t get more time. I don’t feel justice was served,” in a text after the plea.

The case also unfolded alongside bankruptcy filings and federal scrutiny, according to the sources.

The Associated Press said Marshall filed for Chapter 11 bankruptcy protection in 2023 after a hospitalization for a heart condition and a subsequent run on note holders asking for their money back, and that he declared more than $90 million in liabilities and $21.5 million in assets.

ABC News

ABC News repeated that he filed for Chapter 11 bankruptcy protection in 2023 after a hospitalization for a heart condition and a subsequent run on note holders asking for their money back, and that he declared more than $90 million in liabilities and $21.5 million in assets.

Times Now similarly said he filed for Chapter 11 bankruptcy protection in 2023 after a health crisis prompted a rush from note holders demanding their investments back, and that his bankruptcy filings revealed over $90 million in liabilities against $21.5 million in assets.

The Rome Sentinel said Marshall was charged back in June 2025 by Attorney General Letitia James for allegedly operating a massive Ponzi scheme for over three decades, and it described the investigation as a long-term effort led by the Office of the Attorney General’s Criminal Enforcement and Financial Crimes Bureau (CEFC).

WSYR-TV added that in June of 2023, the U.S. governmentaccused Marshall of running a “Ponzi” scheme, and in October of 2023, NewsChannel 9 reported that the U.S. Securities and Exchange Commission was investigating the possible Ponzi scheme.

Looking ahead, the sources consistently pointed to the June 11 sentencing date in Madison County Court, with the Rome Sentinel specifying that Marshall would be held in the county jail after May 12 probationary supervision ends.