Father-Son Duo Charged in Massive Arizona Sports Complex Fraud

Randy and Chad Miller, a father-son team, were indicted for defrauding investors in the failed Legacy Park sports complex in Arizona, resulting in losses over $200 million. Authorities allege fraudulent bond offerings and forged documents inflated the project's revenue projections. The complex filed for bankruptcy in May 2023.

A Manhattan court has indicted Randy Miller, 70, and Chad Miller, 41, on multiple fraud charges, including securities fraud and aggravated identity theft. The father-son duo is accused of orchestrating a financial scheme around the Legacy Park sports complex in Mesa, Arizona, costing investors, including Vanguard Group and AllianceBernstein, more than $200 million.

Federal prosecutors claim the Millers fraudulently raised $284 million in bond offerings by inflating revenue forecasts and utilizing fabricated contracts. Despite promises, the complex defaulted on bonds nine months after opening in January 2022, resulting in the sale of Legacy Park for just under $26 million.

The indictment further alleges that the Millers misused project funds for personal expenses, including purchasing a home and SUVs. Legal action was taken by major bondholders, asserting that the project was 'doomed from the start' due to deceptive practices.

(With inputs from agencies.)