Local businessman indicted over Ponzi scheme

A Hamilton money manager faces indictment over a $95 million investment scheme that relied on community trust.

Miles Burt Marshall indicted in upstate New York Ponzi scheme

Miles Marshall ran an office in Hamilton, a village near Colgate University, where he offered tax services, insurance, and investments. He marketed an 8 percent return and used promissory notes to promise quick returns, attracting a broad circle of local investors who trusted his expertise and steady record.

The case highlights how a trusted local figure can mask risky practices for years. In small towns, reputation matters as much as returns, and that mix of familiarity and optimism can blind people to warning signs. Regulators often rely on stories of success and community standing to gauge risk, a dynamic this indictment challenges. It also raises questions about how nontraditional investment products should be overseen when they are deeply entwined with everyday life.

Highlights

Trust carries responsibilities that outpace personal charm. The town will watch how accountability unfolds.