SOUTH JERSEY FIRM NAMED IN PONZI SCHEME

150px-NJOAG_svgThe Office of the Attorney General and the Bureau of Securities has filed suit against Carr Miller Capital LLC of Marlton and its three principals for their alleged use of a Ponzi scheme and other means to defraud investors of over $40 million.

Everett Charles Ford Miller, 41, President of Carr Miller Capital, and Ryan Jude Carr, 34, and Brian Patrick Carr, 39, cousins and employees of Carr Miller Capital, are named as defendants in the state’s nine-count Complaint. The lawsuit, filed in State Superior Court in Newark, alleges that the defendants violated numerous New Jersey Uniform Securities Laws by committing fraud, commingling funds, and selling unregistered securities.

Judge Kenneth Levy approved the freezing of assets held by Miller and his related companies, and the appointment of a receiver who will oversee and control those assets. The judge also approved the appointment of a fiscal monitor for the Carrs, and one nominal defendant. Their assets cannot be moved or transferred without the approval of the fiscal monitor.

The state’s Complaint seeks restitution for investors, disgorgement of profits, and the imposition of civil penalties.

The Bureau’s investigation revealed that $13.5 million of investors’ monies were used to pay for a New Jersey Devils sky box at the Prudential Center in Newark, personal automobile purchases, travel and luxury vacations, retail purchases and meals, among other things. An additional $16 million was put into various hedge funds, real estate, film production companies, and an oil and gas venture, among other ventures not authorized by or disclosed to investors.

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