Miles "Burt" Marshall gained local trust in upstate New York by managing investments in a scheme known as the "8% Fund," which promised guaranteed returns. Over time, his network of clients expanded due to his friendly persona and local marketing tactics. However, the investment scheme was unsustainable and ultimately resulted in bankruptcy, with Marshall owing nearly $95 million to about 1,000 creditors. Recently indicted for running a Ponzi scheme, the repercussions have severely affected the local community, with significant losses among retirees and local professionals.
Miles "Burt" Marshall was widely trusted in upstate New York, promoting an "8% Fund" investment scheme that ultimately proved to be a Ponzi scheme, leading to his bankruptcy.
Marshall’s friendly demeanor and local marketing fostered a culture of trust, convincing investors that his financial ventures were sound, despite being unsustainable.
When Marshall was indicted, he owed around $95 million to almost 1,000 investors, significantly impacting the small community where many of them lived.
The fallout from Marshall's scheme devastated local investors, including Colgate professors and retirees, leading to a significant loss of life savings for many.
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