President Of Financial Services Firm Sentenced To 10 Years In Prison For Multimillion-Dollar Securities Fraud

The president of a New Jersey financial services firm has been sentenced to 10 years in federal prison for defrauding investors in Texas and several other states as well as tax evasion.

Everett C. Miller, president and CEO of Carr Miller Capital LLC, a Marlton, NJ, investment firm, pleaded guilty to one count of securities fraud and one count of tax evasion. He and other affiliates solicited investments from individuals in Texas, New Jersey, Pennsylvania, Arkansas, North Carolina and several other states from June 2006 until December 2010. CMC issued promissory notes to more than 190 investors and received $41.2 million; the notes were provided as “securities.”

The notes had a nine-month term and promised investors an annual return of 7-20% on the principal investment. However, CMC and Miller never registered the notes with any federal or state agency. The investors were told how their money was to be invested; however, they were never provided with any reports on their investments.

The investors’ money was pooled and deposited into 75 different CMC bank accounts. The money was used by Miller to repay prior investors, to pay CMC’s company expenses and to enrich Miller through the purchase of luxury vacations, cars, travel, home furnishings and more.

In addition to the prison sentence, Miller was ordered to disgorge $5 million he received as the result of the securities fraud.

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