Former Legacy Park sports complex execs RANDY MILLER and CHAD MILLER have been handed prison sentences totaling 11 years for a $300 million municipal bond fraud scheme. The Southern District of New York’s U.S. Attorney Jay Clayton announced that the pair were sentenced to six and five years, respectively, for securities fraud and aggravated identity theft.
Randy Miller, 70, and Chad Miller, 41, both from Mesa, Arizona, were also ordered to pay $7,289,134.89 and $4,798,980.19 in judgments, respectively, following their convictions. They pleaded guilty to the charges earlier this year.
U.S. District Judge Lewis A. Kaplan oversaw the sentencing, which was praised by Clayton for reflecting a commitment to hold accountable those who exploit investor trust. ‘Randy and Chad Miller orchestrated a sophisticated scheme that not only cost bondholders nearly $300 million but also undermined confidence in the vital $4 trillion+ municipal bond market,’ said Clayton.
Both men were additionally sentenced to three years of supervised release. Assistant U.S. Attorneys Courtney L. Heavey and Matthew R. Shahabian led the prosecution, which was part of the Office’s Securities and Commodities Fraud Task Force. The FBI played a significant role in the investigation, while the U.S. Securities and Exchange Commission resolved a parallel civil action against the defendants.
Clayton commended the outstanding work of the FBI and thanked the SEC for their contribution to this case. ‘We will continue to fight for the integrity and efficiency of the municipal bond market,’ he emphasized.
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Key Facts
- State: New York
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|Public Corruption|White Collar Crime
- Source: Official Source ↗
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