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TAG | carr miller nine-month notes scam

Apr/11

Carr Miller Accused in $40 million Ponzi Scheme

Comments off · Posted by admin in FINRA

It was announced that the New Jersey Office of the Attorney General and the Bureau of Securities filed a lawsuit against Carr Miller Capital LLC and its three principals. Carr Miller is accused of operating a Ponzi scheme and other means to defraud investors of more than $40 million.

It was reported that the firm and its principals used $13.5 million in investor money for cars, luxury vacations and a skybox to watch the New Jersey Devils hockey team at the Prudential Center in Newark. They also put $16 million into hedge funds, real estate, film production companies and an oil and natural gas venture without telling investors, she said.

The state barred Marlton-based Carr Miller from the securities industry, along with three principals: Everett Charles Ford Miller, Brian Patrick Carr, and his cousin, Ryan Jude Carr. A state judge froze assets held by Miller and his companies, and appointed a receiver.

“These defendants operated a Ponzi scheme for their own enrichment at the expense of investors,” New Jersey Attorney General, Dow said. “Instead of investing funds to produce high rates of return as promised, we allege that the defendants spent investors’ hard-earned money on personal luxuries and indulgences.”

Carr Miller offered nine-month notes that purportedly gave annual returns of 10 percent to 15 percent, according to Dow’s statement.

If you feel you have been a victim of the alleged fraudulent Ponzi schemes of Carr Miller Capital or the brokers involved, call a Securities Arbitration Lawyer for a free consultation on how to recover your losses. To speak with an attorney, call 888-760-6552, or visit www.stockmarketlawsuit.com. Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.

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Carr Miller Accused in $40 million Ponzi Scheme

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