Carr Miller Accused of $40 Million Ponzi Scheme
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Carr Miller Capital LLC, a New Jersey investment firm, was accused in a lawsuit by state Attorney General Paula Dow of using a Ponzi scheme to defraud investors of more than $40 million.
The firm and its principals used $13.5 million in investor money for cars, luxury vacations and a skybox to watch the New Jersey Devils hockey team at the Prudential Center in Newark, Dow said today in an e-mailed statement. They also put $16 million into hedge funds, real estate, film production companies and an oil and natural gas venture without telling investors, she said.