Carr Miller Capital LLC
New Jersey’s securities regulators and attorney general have filed a lawsuit against Carr Miller Capital LLC of Marlton, New Jersey, for allegedly running a Ponzi Scheme. Included in the lawsuit are Carr Miller’s principals, Everett Charles Ford Miller, Brian P. Carr and Ryan J. Carr. According to the lawsuit, the defendants violated securities laws, committed securities fraud and sold unregistered securities.
Carr Miller is accused of operating a Ponzi scheme and other means to defraud investors of over $40 million through the sale of promissory notes. According to the lawsuit, the Carr Miller notes had a term of nine months and promised returns of between 10 percent and 15 percent per year with return of the principal investment at the end of the nine-month period. Investors who received interest payments—totaling around $8 million—actually received money obtained from new investors rather than money obtained through legitimate investments.
The lawsuit further alleges that $13.5 million of Carr Miller investors’ funds were used to pay for the defendant’s personal purchases, including automobiles, a New Jersey Devils sky box at the Prudential Center in Newark, retail purchases and meals, travel and luxury vacations, among other things.
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