Upstate NY businessman pleads guilty for stealing over $50M in Ponzi scheme

Source: New York Post

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. Miles “Burt” Marshall faces four to 12 years in prison after pleading guilty to second-degree grand larceny, securities fraud and first-degree scheme to defraud, according to the attorney general’s office, which secured an indictment against him last summer. Marshall, 74, prepared taxes and sold insurance in the quaint village of Hamilton, near Colgate University.