MADISON COUNTY, N.Y. — A Madison County tax preparer was arrested after defrauding people out of over $50 million in a Ponzi scheme, the New York State Attorney General's Office announced on Monday.

According to the Attorney General's Office, Miles Burton Marshall stole the money over a 30 year period. The nearly 1,000 victims were clients of Marshall's tax preparation and insurance agency business, “The Eight Percent Fund”.

Marshall allegedly told victims that the funds would be used for property investments, while using the money to pay investment returns and cover his own personal expenses.

“For over three decades, Miles Burton Marshall fooled his community into believing he was a trusted businessman when in reality, he was scamming his clients and neighbors out of their life saving

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