Marlton Man Pleads Guilty to Ponzi Scheme, Buying Lame Cars
Here’s hoping you didn’t invest with this guy. 43-year-old high school dropout Everett Miller, of Marlton, pled guilty yesterday to a $41.2 million Ponzi Scheme.
At a time when financial markets were collapsing, Miller, of Marlton, persuaded investors to part with their cash in return for unsecured and unregistered promissory notes, promising 7 percent to 20 percent returns, payable, along with the original investments, in nine months. The investors were generally elderly people in New Jersey, Pennsylvania, Arkansas, Texas, and North Carolina.
While they were forking over life saving, here’s what he was doing.
Miller used some of the money – at least $576,000, according to court documents – to pay for a luxury box for New Jersey Devils hockey games, Phillies baseball games, and the Heisman Trophy Dinner. His company also owned a BMW M5, a Hummer, a Chevrolet Traverse, a Lincoln limousine, and a Kia Sportage.
A Kia Sportage? At least Madoff had taste. [Inquirer]