Jay Clayton, U.S. Attorney for the Southern District of New York | Department of Justice
Two former executives of the Legacy Park sports complex in Mesa, Arizona, have been sentenced to prison for their roles in a municipal bond fraud scheme. Randy Miller and Chad Miller received sentences of six and five years, respectively, after pleading guilty to securities fraud and aggravated identity theft. The sentencing was handed down by U.S. District Judge Lewis A. Kaplan.
“The significant sentences imposed for this municipal bond fraud, along with the parallel civil fraud action by the SEC, reflect the commitment of our Office, the FBI, and the SEC to hold accountable those who exploit the trust of investors,” said U.S. Attorney Jay Clayton. “Randy and Chad Miller orchestrated a sophisticated scheme that cost bondholders nearly $300 million. Their scheme undermined confidence in the $4 trillion+ municipal bond market that communities across America depend on to finance essential projects. We will continue to fight for the integrity and efficiency of the municipal bond market.”
In addition to their prison terms, both men were ordered to serve three years of supervised release following incarceration. They must also pay money judgments totaling more than $7 million for Randy Miller and nearly $5 million for Chad Miller.
Jay Clayton commended the efforts of the FBI in investigating the case and acknowledged assistance from the U.S. Securities and Exchange Commission (SEC), which pursued a related civil action against the defendants.
The prosecution was managed by Assistant U.S. Attorneys Courtney L. Heavey and Matthew R. Shahabian from the Securities and Commodities Fraud Task Force.
