Sports Park Promoters Admit Guilt in $280M Bond Fraud
Randy Miller and his son, Chad, have pleaded guilty to securities fraud and aggravated identity theft for their roles in a staggering $280 million bond fraud scheme.
The Scheme Unveiled
The father-son duo misled prominent investment firms regarding the potential of Legacy Park, a sports complex located in Mesa, Arizona. Firms such as Vanguard Group and AllianceBernstein Holding LP were among the victims of this elaborate fraud.
Fabricated Documents and False Promises
The Millers are accused of fabricating letters of intent and pre-contracts to fraudulently secure bond financing through the Arizona Industrial Development Authority, circumventing typical regulations.
The Downfall of Legacy Park
Despite opening in 2022, Legacy Park quickly faced financial difficulties and defaulted on its bond payments, ultimately leading to bankruptcy. The complex was later sold for a fraction of its initial value, leaving bondholders with minimal returns.
Consequences and Forfeiture
Randy Miller has agreed to forfeit $7.3 million, while Chad Miller will forfeit $4.8 million. Prosecutors have also indicated they will not contest a sentence of less than seven years for the pair.
