The Chicago Syndicate: Patricia S Miller
Showing posts with label Patricia S Miller. Show all posts
Showing posts with label Patricia S Miller. Show all posts

Friday, June 27, 2014

Patricia S Miller Charged with Stealing Over $2.5 Million in Client Funds

A Pennsylvania woman affiliated with a Massachusetts-based broker dealer was indicted in U.S. District Court in Boston on charges that she orchestrated a multi-million dollar investment fraud scheme.

Patricia S. Miller, 67, was charged with five counts of wire fraud.

The indictment alleges that Miller used her position as a trusted financial adviser, as well as her association with the Massachusetts broker dealer, to obtain money from clients for purported investments never made on the behalf of clients. Specifically, Miller promised high returns if clients put their money into “investment clubs” called, among other things, “KS Investments” and “Buckharbor.” Miller represented, among other things, that funds put into her investment clubs would be placed in fixed-income notes and other investments. Miller was able to obtain over $2.5 million from more than 20 clients for these purported investment clubs. Instead of investing the money as promised, however, she misappropriated client funds for her own use.

If convicted, Miller faces a maximum sentence under the statute for each count of wire fraud of 20 years in prison, three years of supervised release, and a $250,000 fine.

Monday, June 09, 2014

Investment Adviser, Patricia S. Miller, Charged with Stealing Client Funds in Massive Ponzi Scheme

A Pennsylvania woman affiliated with a Massachusetts-based broker dealer was arrested on charges that she orchestrated a massive Ponzi scheme.

Patricia S. Miller, 67, was charged in a complaint with wire fraud and arrested in Pennsylvania today.

The complaint alleges that Miller used her position as a trusted financial adviser, as well as her association with a Massachusetts-based broker dealer, to obtain money from clients for purported investments that Miller never made on their behalf. Specifically, Miller promised high returns if clients put their money into “investment clubs” called, among other things, “KS Investments” and “Buckharbor.” Miller represented, among other things, that funds put into her investment clubs would be placed in fixed-income notes and other investments. Instead of investing money as promised, Miller misappropriated client funds for her own personal use.

If convicted, Miller faces a maximum sentence under the statute of 20 years in prison, three years of supervised release, and a $250,000 fine.


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