rainbow_unicorn
PREMIER
I'm assuming criminal charges should be coming down?
Bell Bank Park Venue
- Thread starter Club Soccer
- Start date
There haven't been any criminal charges so far. At least none that I've heard about.
Assuming everything written in the article is true. Randy Miller clearly used fraud to get AZIDA to create the bonds needed to raise 280 million.
Both AZIDA and B.C. Ziegler & Co. (the underwriter) did no due diligence regarding Randy Millers 8 page prospectus that was used to get 280 million. For that amount of money you'd think that they'd call Manchester United and Real Salt Lake to confirm that the prospectus is accurate.
Think about the numbers...
- 280 million loaned
- Sold in BK for 25.5 million
- Was in business for 3 years (2021-2023)
- Made 25 million per year
280+(25*3)-25.5= 329.5 million in Building/Maintenace costs and salary for 3 years of doing business. The numbers just don't make sense. Someone pocketed a bunch of cash or paid way too much for construction + got kickbacks.
Is the 25 million per year profit, or income. If profit, then buying the place for 25.5 million was a great deal. Have to believe that was just income with approx. 3-4 million in profit per year. At a cost of 280 million in bonds at the beginning, you needed a minimum of about 30-40 million in profit per year.
RANDY MILLER and CHAD MILLER pled guilty to securities fraud and aggravated identity theft.
Father And Son Plead Guilty To Defrauding Sports Park Bondholders
Jay Clayton, the United States Attorney for the Southern District of New York, announced today that RANDY MILLER and CHAD MILLER pled guilty to securities fraud and aggravated identity theft in connection with their scheme to defraud municipal bond investors.
FlintDempsey
BRONZE
I spent way, WAY too much time following this whole mess for someone who wasn't ripped off in this scam. It is heartening to see some limited justice happen in this case. What a mess from start to finish (hopefully the facility isn't toast, just the scammers are). We are out there all the time. Hopefully the new owners can settle things out and move forward. Some of the design of the place was lacking vision (parking 500 miles away from the entrance to the fields, how they are trying to charge for parking, etc) and understanding of how facilities work. Can't change that now but we do need the fields here in the SE valley.
280 million loaned from primarily old people that thought they were investing in very conservative municipal bonds.
Randy and Chad got charged with 1 count of securities fraud with a 5 year sentence that was spread across both so they'll only spend 2.5 years each in prison.
Randy has to pay 7.2 million and Randy has to pay 4.7 million.
We all know they have $$$ that they stole squirreled away somewhere. Seems like a fair trade 2.5 years in fed prison in exchange for 280 million in $$$.
"RANDY MILLER, 70, and CHAD MILLER, 41, both of Phoenix, Arizona, pled guilty to one count of securities offering fraud, which carries a maximum sentence of five years in prison, and one count of aggravated identity theft, which carries a mandatory consecutive sentence of two years in prison. As part of their guilty pleas, money judgments in the amounts of $7,289,134.89 and $4,798,980.19 were entered against RANDY MILLER and CHAD MILLER, respectively."