- Associated Press - Thursday, June 4, 2015

CAMDEN, N.J. (AP) - The head of a southern New Jersey investment firm was sentenced Thursday to 10 years in prison after admitting to fleecing investors of millions of dollars.

The U.S. attorney’s office said Everett Miller also must forfeit $4.9 million he earned from the scam and pay more than $22 million in restitution.

The 45-year-old Marlton resident pleaded guilty to one count each of securities fraud and tax evasion.

Prosecutors said Miller ran Carr Miller Capital in Marlton and raised $42 million from investors in New Jersey, Pennsylvania, North Carolina, Arkansas, Texas and elsewhere between 2006 and 2010. Investors were issued promissory notes and promised returns of 7 to 20 percent per year and a return of their principal investment within nine months.

Instead, Miller used the money to pay back earlier investors and for company and personal expenses.

According to the U.S. attorney’s office, Miller and his company continued to sell the promissory notes to investors in 2009 and 2010 even though they were aware that the Arkansas Securities Department was investigating them. They allegedly recruited 50 new investors.

Miller also admitted failing to report more than $660,000 in income to the IRS from 2007 to 2009, causing a loss to the government of approximately $47,000.

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