Former executives of Legacy Sports, Randy Miller and Chad Miller, face serious charges following the unsealing of an indictment announced by Matthew Podolsky, Acting United States Attorney for the Southern District of New York, and Christopher G. Raia, FBI Assistant Director in Charge of the New York Field Office. The father-son duo is accused of defrauding investors out of more than $280 million via two municipal bond offerings. Arrested today, they are set to appear in court tomorrow in Arizona before U.S. District Judge Lewis A. Kaplan.
The charges allege that between November 2019 and May 2023, the Millers executed a fraudulent scheme in connection with municipal bonds intended to fund the Legacy Park sports complex in Mesa, Arizona. They are accused of misleading investors by claiming extensive interest from sports organizations and other potential users of Legacy Park through forgeries and false documents. Despite claiming near full occupancy and high revenue potential, Legacy Park soon failed to meet financial commitments, ultimately declaring bankruptcy in 2023.
"Randy Miller and Chad Miller swindled investors out of over a quarter of a billion dollars by selling municipal bonds they knew were backed by forgeries and lies," said Acting U.S. Attorney Matthew Podolsky. He emphasized the importance of accurate financial disclosures in municipal bonds, which fund critical public projects.
Echoing this sentiment, FBI Assistant Director Christopher G. Raia stated, "The Millers allegedly executed the scheme using fraudulent documents to lie about the status of the proposed project in order to raise hundreds of millions of dollars which they used to enrich themselves."
The indictment includes charges of conspiracy to commit wire and securities fraud, each carrying significant prison terms, alongside allegations of aggravated identity theft. The case, part of the Securities and Commodities Fraud Task Force, sees Assistant U.S. Attorneys Courtney L. Heavey and Matthew R. Shahabian leading the prosecution. The U.S. Securities and Exchange Commission has initiated a parallel civil action.