Marlton, NJ Investment Firm Accused Of Fraud Scheme
MARLTON, NJ (CBS) -- Three of the top managers at a Burlington County investment company have been charged with bilking investors to the tune of more than $40 million
People who turned their money over to Carr Miller Capital were promised a 10-15 percent annual return on their investments.
But few saw any of that. New Jersey attorney general Paula Dow labels it a classic Ponzi scheme, which she says unraveled when new money and bad investments weren't enough to keep it up, nor to support the lavish lifestyles of those charged.
How lavish, you ask?
"They used the monies for a luxury suite at the Prudential Center in Newark," Dow told KYW Newsradio on Tuesday. "They bought cars. They took vacations. They dined in some pretty fancy restaurants."
And bought properties down South -- all to the tune of $13½ million.
The company's assets have been frozen, and the licenses of company president Everett Ford Miller of Marlton and cousins Ryan Carr of Franklinville, NJ and Brian Carr of Chatham, NJ have been yanked by the state.
Reported by David Madden, KYW Newsradio 1060.
