Story perspectives

Hamilton Financial Advisor Charged in $95M Ponzi Scheme

8/18/2025

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Summary

Story summary

Miles “Burt” Marshall, a financial advisor in Hamilton, N.Y., is charged with running a Ponzi scheme, owing nearly $95 million to about 1,000 investors.
His business collapsed after filing for bankruptcy in 2023, exposing severe financial mismanagement.
Many local investors, including retirees, lost life savings, prompting concerns about trust in small-town finance.
Marshall pleaded not guilty to grand larceny and securities fraud; bankruptcy proceedings may offer minimal recovery for investors.

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Story summary

Miles “Burt” Marshall, a financial advisor in Hamilton, N.Y., is charged with running a Ponzi scheme, owing nearly $95 million to about 1,000 investors.
His business collapsed after filing for bankruptcy in 2023, exposing severe financial mismanagement.
Many local investors, including retirees, lost life savings, prompting concerns about trust in small-town finance.
Marshall pleaded not guilty to grand larceny and securities fraud; bankruptcy proceedings may offer minimal recovery for investors.