HAMILTON, N.Y. (WSYR-TV) — Even before the New York State Attorney General announced an investigation into a Madison County investment firm, at least six lawsuits from unpaid clients had been filed against the owner.
NewsChannel 9 reviewed documents associated with the six lawsuits against Miles Burton Marshall, all filed in State Supreme Court in Madison County.
The owed money claimed collectively by the six clients totals more than $1.1 million.
Each of their stories matches a similar pattern.
People who invested in Burton’s firm promised an 8% interest return and were informed in early March, that he was in the hospital.
“The most immediate effect of Burt’s absence was the total loss of his tax return business and the related income,” the letter states.
It continues: “… a suspension of all payments on Burt’s notes was necessary.”
In many cases, attorneys representing these clients have legally demanded full payment, but haven’t gotten anything beyond a small check representing 0.5%.
In one case of a couple from Earlville, who invested in Marshall in 1999, they were alerted to a problem when they requested a withdrawal in February to “assist our son to purchase a new home.” They were put on a waiting list, but not paid. They are now suing to get back their balance of $230,351.
A couple from Oriskany Falls is owed $483,415.
Tuesday, the State Attorney General took a rare step, announcing the opening of the investigation citing “recent concerns raised by New York consumers.” Usually, the office doesn’t announce a financial-related investigation until it’s resolved.
The Attorney General’s Office urges people to report their missing money. People are asked to email MBMarshall.firstname.lastname@example.org.