Mesa, azfamily) – A father and a son of Arizona were charged after prosecutors have frauded investors with more than $ 280 million by selling false municipal obligations to finance the development of Legacy Park, a large sports complex in Mesa.
According to federal authorities, Randy Miller and Chad Miller lied to potential bond investigators on sports organizations and the interest of customers for the use or move to Legacy Park. The thousands would have forged and modified “restrictive” letters of intent to give the impression that the place welcomed a large number of spectators who would pay high costs.
The prosecutors say that sometimes the father-son duo signed and ordered the others to sign the names of the customers without authorization, then copied signatures on manufactured letters. The victims included several people and well -known organizations, including a group that promotes sports for disabled athletes, said investigators.
“Essentially, the thousands have made investment solicitations, in particular through obligations based on false statements and false statements,” said lawyer for criminal defense Jason Lamm. “When you sell obligations, these are recorded titles. And the security and exchange committee has very specific regulations that govern sale and offers. ”
Officials say that the thousands would claim that Legacy Park, formerly known as Bell Bank Park, would be 100% occupied and generates more than $ 100 million in income during its first year of operation, more than sufficient to cover bond payments.
The thousands would have rather used this money to buy a house and SUVs while paying inflated wages and withdrawing hundreds of thousands of dollars.
“Fathers and wires have found shared obligations in sport for generations. Randy and Chad Miller would have chosen to use a sports complex planned as a means of exploiting and defrauding investors, “said Christopher G. Raia, deputy director of the FBI in charge. “The thousands would have executed the regime using fraudulent documents to lie about the status of the proposed project to collect hundreds of millions of dollars they used to get rich. The FBI will continue to guarantee fair playground by starting responsible fraudsters in the criminal justice system. ”
The park opened its doors in 2022 but did not generate enough income to cover bond payments, and the park was lacking in October 2022. The project filed for a bankruptcy the following spring and was sold less than $ 26 million.
In the end, the federal authorities claim that less than $ 2.5 million went to reimburse the $ 284 million due to the bonds.
The thousands are now confronted with a plot to commit fraud by wire and fraud in securities, a chief of securities fraud, a wire fraud chief and an aggravated identity flight manager.
“They will have to prove to the trial that the thousands knowingly, which consciously or intentionally and deliberately and deliberately and deliberately and deliberately de facto that they knew were false. And the goal of these false statements was to put investors to hand over their money, “said Lamm.
The installation currently works as Arizona Athletic Grounds and is located near Ellsworth and Williams Field Road, east of Mesa gateway airport.
“I think it’s a little meat, you know. Many parents in general already pay a lot to put these children in sports complexes to overload them, then having fraudulent crimes in the background is a little more sinister than you hope,” said a parent named Steven. “I hope that everything that comes out, they get their diligence or justice a little.”
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