Legal

Sports Park Promoters Plead Guilty to $280 Million Bond Fraud

Players participate in a Major League Pickleball tournament at Legacy Sports in Mesa, Arizona.Photographer: Christian Petersen/Getty Images

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By Chris Dolmetsch

May 28, 2025 at 5:29 PM UTC

A father and son from Phoenix pleaded guilty to defrauding several of the nation’s biggest investment firms about the business prospects of a failed Arizona sports complex that wound up costing municipal bondholders more than $280 million.

Randy Miller, 70, and his son Chad, 40, entered their pleas Wednesday to securities fraud and aggravated identity theft in Manhattan federal court. Victims of the scheme included Vanguard Group Inc., AllianceBernstein Holding LP, Macquarie Group’s Delaware Funds and others firms that invested in bonds linked to their Legacy Park development in Mesa.