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Man Accused In Ponzi Scheme Waives Hearing

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Nov 20, 2009 2:36 pm US/Eastern

Man Accused In Ponzi Scheme Waives Hearing

BEAVER (KDKA) ― The Beaver County man accused of operating a Ponzi scheme waived his hearing in court today.

Eugene Miley, 58, is facing criminal charges in the case.

The criminal complaint against him says he ripped off the Moonlight Credit Union in Worthington, Armstrong County, for about $1.4 million.

He's accused of stealing another $600,000 from the Vantage Trust Credit Union in Wilkes-Barre.

The Stanwood Area Federal Credit Union got hit for another $100,000.

"Mr. Miley's accused of theft – actually six counts of theft as it relates to three different credit unions and violations of the Securities Act," Christopher Capozzi, deputy attorney general, said.

Miley's accused of pulling a scheme similar to what New York investor Bernie Madoff went to prison for – taking money from one investor and using it to show a high rate of return for another investor.

In the end, all investors lose everything.

Madoff's victims lost billions.

Miley is accused of using some long-standing business relationships to sell what prosecutors say were phony certificates of deposit that promised high returns.

But they say the only one who profited was Miley.

(© MMX, CBS Broadcasting Inc. All Rights Reserved.)

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