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Oct 16, 2009 6:33 pm US/Eastern
Beaver Man Accused Of Running Ponzi Scheme
BEAVER (KDKA) ―
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According to a criminal complaint, 58-year-old Eugene Miley, of Beaver, ran a fraudulent investment operation.
KDKA
A Beaver County man is facing criminal charges for allegedly operating a Ponzi scheme.
According to a criminal complaint, 58-year-old Eugene Miley, of Beaver, ran a fraudulent investment operation.
He allegedly approached credit unions and sold them $99,000 CD's, promising better than average returns.
The complaint indicated total losses of more than $2 million.
Investigators say the case had very similar elements to the one involving Bernie Madoff, the former New York swindler who is now in prison accused of bilking trusting investors of more than $50 billion.
Although not nearly as grand in scale, the criminal complaint indicates Miley's scheme was similar. He allegedly took money and paid off credit unions until the financial markets collapsed along with his scheme.
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