数十年来，在纽约州北部这片区域，若你想投资又希望资金留在本地，迈尔斯·“伯特”·马歇尔便是首选。他在汉密尔顿这个风景宜人的小镇设有办公室，距科尔盖特大学（Colgate University）仅数步之遥，既提供报税服务又销售保险产品。他还募集资金投入一个有时被称为“8%基金”的投资项目，该项目承诺无论金融市场如何波动，每年能提供固定8%的利息。
客户们口口相传。有一笔养老金？那就交给伯特打理吧！他会投资本地租赁房产，让你的资金比存在银行增值更快。
马歇尔待人亲切朴实。他会赠送装满罐装枫糖浆、泡菜和本地蜂蜜的礼袋，罐身上贴着一句风趣的标语：“别犯傻！买保险，就去找迈尔斯·B·马歇尔。”
客户克里斯汀·科里根表示：“他会告诉你所有投资人的身份。教堂、消防队、医生都在找他投资。你自然就会觉得：‘这些聪明人都参与了投资，肯定没问题......我何必疑神疑鬼？’”
然而大厦顷刻崩塌。
据破产管理人文件显示，两年前马歇尔申请破产保护时，他拖欠近千名个人及机构的本金和利息合计约9,500万美元。
今年夏天，这位73岁的商人因投资业务实为庞氏骗局被正式起诉，若罪名成立他将面临牢狱之灾。
马歇尔的律师拒绝置评。
马歇尔的投资者的损失总额，远不及伯尼·麦道夫策划的庞氏骗局数十亿美元的规模，但在这个仅有6,400人口的大学城及周边乡村地区，这些损失却显得相当巨大。
许多投资人是科尔盖特大学的教授、劳工、文员或退休人员。有些人数万乃至数十万美元的毕生积蓄化为乌有。科里根夫妇在东边30英里（48公里）处经营着一家餐厅，被拖欠约150万美元。
如今他们困惑不已：这个人看上去很可靠，每年都会举办客户答谢会，甚至会致电客户送来生日祝福，为什么他会辜负他们的信任？
被欠款4万美元的丹尼斯·沙利文表示：“这种事会彻底改变你的人生观。你会质疑‘我还能相信谁？’他给整个地区带来的伤害令人痛心。”
值得信赖的本地商人
马歇尔与妻子住在离办公室几条街的维多利亚式建筑里。除保险和税务业务外，他还管理百余处租赁房产，经营着一家自助仓储公司和一家印刷店。
他的父母曾在此经营保险地产公司，而马歇尔家族在当地也备受尊敬。
虽大学辍学，他却是联邦注册税务专家。在当地许多人眼中，他似乎精通理财，且办公室也打理得井井有条。
科里根表示：“他的办公室有法式双开门、华美的地毯和宽大的办公桌，处处彰显他事业有成，且为人可靠。”
20世纪80年代，马歇尔开始吸纳资金用于购置和维护租赁房产。投资者获得银行本票，上面是手写的借款金额。投资者提前30天通知即可提款，还可以选择定期收取利息。
参与者将这些交易视为投资，而马歇尔则称之为贷款。
多年来，马歇尔一直能如约支付利息和处理提款。随着口碑传播，越来越多人参与投资。沙利文回忆起他的父母先参与了投资，接着是他、他的未婚妻、未婚妻的女儿、他的儿子，还有他的雪地摩托车俱乐部。
沙利文说道：“就像滚雪球一样，所有人都被卷了进来。”
有许多投资者虽然住在其他州，但均与该地区有关联。
8%回报率的承诺，在利率高企的80年代并不稀奇。但随着利率走低，此承诺显得格外诱人。马歇尔在破产听证会上辩称，他原以为房地产的升值足以偿还债务。
文件显示，他表示：“如今看来这种想法显然是错误的。但这确实是我一贯的想法。”
超过九千万债务暴雷
2023年，马歇尔的资金链断裂。
当年4月马歇尔申请第11章破产保护，申报负债逾9,000万美元，而他的资产价值仅有2,150万美元（其中大部分为房地产资产）。
他在文件中解释称，他曾因“严重心脏病”住院，并经历了两次手术，花费了60万美元。他患病的消息传开后，银行本票持有人蜂拥挤兑。
破产管理人弗雷德·史蒂文斯将马歇尔的破产归咎于他不恰当的经营行为及以高于市场水平的利率借款。该管理人指出，早在2011年，马歇尔便开始“借新还旧”，而这正是庞氏骗局的典型特征。
检方指控马歇尔虚报房地产业务的盈利能力，并指使员工伪造载有虚假账户余额及已获利息信息的“交易摘要”。
检方认为，资金被注入他的关联企业，他更将数十万美元投资者资金用于个人消费，包括机票、餐饮、杂货采购及瑜伽课程。
客户们深感背叛。
芭芭拉·巴尔图斯尼克在谈及投资时愤慨道：“我们把资金交给他是为了增值，结果全进了他自己的口袋。”
巨额损失引发的连锁反应
今年6月，马歇尔对重大盗窃及证券欺诈指控拒不认罪，他被指控盗窃金额超过5,000万美元。
马歇尔的住宅及房产已在破产程序中变卖，该程序仍在继续。通过出售他的资产，仅能为投资者收回约5.4%的本金。据破产管理人透露，投资者正针对金融机构提起潜在的索赔。
巴尔图斯尼克表示，夫妇俩被欠数十万美元，如今连医疗费都成问题。沙利文的母亲因投资血本无归，只得搬来与他同住。
佐治亚州埃普沃思的退休老人卡罗琳·考尔，再也见不到本指望补贴社保的积蓄。她通过纽约州北部的叔父结识了马歇尔。
她表示：“我现在仅能勉强支付账单度日，不敢有任何奢侈消费，无法旅行，几乎没法为孙辈们做任何事。”（*）
译者：刘进龙
审校：汪皓
数十年来，在纽约州北部这片区域，若你想投资又希望资金留在本地，迈尔斯·“伯特”·马歇尔便是首选。他在汉密尔顿这个风景宜人的小镇设有办公室，距科尔盖特大学（Colgate University）仅数步之遥，既提供报税服务又销售保险产品。他还募集资金投入一个有时被称为“8%基金”的投资项目，该项目承诺无论金融市场如何波动，每年能提供固定8%的利息。
客户们口口相传。有一笔养老金？那就交给伯特打理吧！他会投资本地租赁房产，让你的资金比存在银行增值更快。
马歇尔待人亲切朴实。他会赠送装满罐装枫糖浆、泡菜和本地蜂蜜的礼袋，罐身上贴着一句风趣的标语：“别犯傻！买保险，就去找迈尔斯·B·马歇尔。”
客户克里斯汀·科里根表示：“他会告诉你所有投资人的身份。教堂、消防队、医生都在找他投资。你自然就会觉得：‘这些聪明人都参与了投资，肯定没问题......我何必疑神疑鬼？’”
然而大厦顷刻崩塌。
据破产管理人文件显示，两年前马歇尔申请破产保护时，他拖欠近千名个人及机构的本金和利息合计约9,500万美元。
今年夏天，这位73岁的商人因投资业务实为庞氏骗局被正式起诉，若罪名成立他将面临牢狱之灾。
马歇尔的律师拒绝置评。
马歇尔的投资者的损失总额，远不及伯尼·麦道夫策划的庞氏骗局数十亿美元的规模，但在这个仅有6,400人口的大学城及周边乡村地区，这些损失却显得相当巨大。
许多投资人是科尔盖特大学的教授、劳工、文员或退休人员。有些人数万乃至数十万美元的毕生积蓄化为乌有。科里根夫妇在东边30英里（48公里）处经营着一家餐厅，被拖欠约150万美元。
如今他们困惑不已：这个人看上去很可靠，每年都会举办客户答谢会，甚至会致电客户送来生日祝福，为什么他会辜负他们的信任？
被欠款4万美元的丹尼斯·沙利文表示：“这种事会彻底改变你的人生观。你会质疑‘我还能相信谁？’他给整个地区带来的伤害令人痛心。”
值得信赖的本地商人
马歇尔与妻子住在离办公室几条街的维多利亚式建筑里。除保险和税务业务外，他还管理百余处租赁房产，经营着一家自助仓储公司和一家印刷店。
他的父母曾在此经营保险地产公司，而马歇尔家族在当地也备受尊敬。
虽大学辍学，他却是联邦注册税务专家。在当地许多人眼中，他似乎精通理财，且办公室也打理得井井有条。
科里根表示：“他的办公室有法式双开门、华美的地毯和宽大的办公桌，处处彰显他事业有成，且为人可靠。”
20世纪80年代，马歇尔开始吸纳资金用于购置和维护租赁房产。投资者获得银行本票，上面是手写的借款金额。投资者提前30天通知即可提款，还可以选择定期收取利息。
参与者将这些交易视为投资，而马歇尔则称之为贷款。
多年来，马歇尔一直能如约支付利息和处理提款。随着口碑传播，越来越多人参与投资。沙利文回忆起他的父母先参与了投资，接着是他、他的未婚妻、未婚妻的女儿、他的儿子，还有他的雪地摩托车俱乐部。
沙利文说道：“就像滚雪球一样，所有人都被卷了进来。”
有许多投资者虽然住在其他州，但均与该地区有关联。
8%回报率的承诺，在利率高企的80年代并不稀奇。但随着利率走低，此承诺显得格外诱人。马歇尔在破产听证会上辩称，他原以为房地产的升值足以偿还债务。
文件显示，他表示：“如今看来这种想法显然是错误的。但这确实是我一贯的想法。”
超过九千万债务暴雷
2023年，马歇尔的资金链断裂。
当年4月马歇尔申请第11章破产保护，申报负债逾9,000万美元，而他的资产价值仅有2,150万美元（其中大部分为房地产资产）。
他在文件中解释称，他曾因“严重心脏病”住院，并经历了两次手术，花费了60万美元。他患病的消息传开后，银行本票持有人蜂拥挤兑。
破产管理人弗雷德·史蒂文斯将马歇尔的破产归咎于他不恰当的经营行为及以高于市场水平的利率借款。该管理人指出，早在2011年，马歇尔便开始“借新还旧”，而这正是庞氏骗局的典型特征。
检方指控马歇尔虚报房地产业务的盈利能力，并指使员工伪造载有虚假账户余额及已获利息信息的“交易摘要”。
检方认为，资金被注入他的关联企业，他更将数十万美元投资者资金用于个人消费，包括机票、餐饮、杂货采购及瑜伽课程。
客户们深感背叛。
芭芭拉·巴尔图斯尼克在谈及投资时愤慨道：“我们把资金交给他是为了增值，结果全进了他自己的口袋。”
巨额损失引发的连锁反应
今年6月，马歇尔对重大盗窃及证券欺诈指控拒不认罪，他被指控盗窃金额超过5,000万美元。
马歇尔的住宅及房产已在破产程序中变卖，该程序仍在继续。通过出售他的资产，仅能为投资者收回约5.4%的本金。据破产管理人透露，投资者正针对金融机构提起潜在的索赔。
巴尔图斯尼克表示，夫妇俩被欠数十万美元，如今连医疗费都成问题。沙利文的母亲因投资血本无归，只得搬来与他同住。
佐治亚州埃普沃思的退休老人卡罗琳·考尔，再也见不到本指望补贴社保的积蓄。她通过纽约州北部的叔父结识了马歇尔。
她表示：“我现在仅能勉强支付账单度日，不敢有任何奢侈消费，无法旅行，几乎没法为孙辈们做任何事。”（*）
译者：刘进龙
审校：汪皓
For decades, Miles “Burt” Marshall was the man you went to see in a stretch of upstate New York if you had some money to invest but wanted to keep it local. Working from an office in the charming village of Hamilton, down the road from Colgate University, Marshall prepared taxes and sold insurance. He also took money for what was sometimes called the “8% Fund,” which guaranteed that much in annual interest no matter what happened with the financial markets.
His clients spread the word to family and friends. Have a retirement nest egg? Let Burt handle it. He’ll invest it in local rental properties and your money will grow faster than in a bank.
Marshall was friendly and folksy. He gave away gift bags with maple syrup, pickles and local honey in jars labeled with cute sayings like, “Don’t be a sap. For proper insurance coverage call Miles B. Marshall.”
“He would tell you about all the other people that invest. Churches invest. Fire companies invest. Doctors invest,” said one client, Christine Corrigan. “So you’d think, ‘Well, they’re smart people. They wouldn’t be doing this if it wasn’t okay to do … Why are you going to be the suspicious one?”
Then it all came crashing down.
Marshall owed almost 1,000 people and organizations about $95 million in principal and interest when he filed for bankruptcy protection two years ago, according to the trustee’s filings.
This summer, the 73-year-old businessman was indicted on charges that his investment business was a Ponzi scheme. He could face prison time if convicted.
Marshall’s lawyers declined to comment.
Total losses by Marshall’s investors fall short of the multibillion-dollar Ponzi scheme masterminded by Bernie Madoff. But they loom large in the small, college town of about 6,400 people and its largely rural surrounding area.
Many investors were Colgate professors, laborers, office workers or retirees. Some lost their life’s savings of tens or hundreds of thousands of dollars. Corrigan and her husband, who own a restaurant 30 miles (48 kilometers) east, were owed about $1.5 million.
Now they’re wondering how someone who seemed so reliable, who held annual parties for his clients and even called them on their birthdays could betray their trust.
“You look at life differently after this happens. It’s like, ‘Who do you trust?’” said Dennis Sullivan, who was owed about $40,000. “It’s sad because of what he’s done to the area.”
A reliable local businessman
Marshall and his wife lived in a brick Victorian, blocks from his office. Aside from insurance and tax preparation, he rented more than 100 properties and ran a self-storage business and a print shop.
His parents had run an insurance and realty business in the area and the Marshall name was respected locally.
Though he quit college, he was a federally enrolled tax professional. To many in the area, he seemed knowledgeable about money and kept a neat office.
“He had French doors and a beautiful carpet and a big desk and he just looked like he was prosperous and reliable,” Corrigan said.
Marshall began taking money from people to buy and maintain rental properties in the 1980s. People got back promissory notes — slips of paper with the dollar amount written in. Withdrawals could be made with 30 days’ notice. People could choose to receive regular interest payments.
Participants saw the transactions as investments. Marshall has called them loans.
For many years, Marshall made good on his promises to pay interest and process withdrawals. More people took part as word spread. Sullivan recalls how his parents gave Marshall money, then he did, then his fiancee, then his fiancee’s daughter, then his son, and even his snowmobile club.
”Everybody gets snowballed into it,” Sullivan said.
A number of investors lived in other states, but had connections to the area.
The promise of 8% returns was unremarkable in the ’80s, a time of higher interest rates. But it stood out later as rates dropped. Marshall told a bankruptcy proceeding that he assumed appreciation on his real estate would more than cover the debts.
“That’s obviously false now,” he said, according to filings, “but that’s what I always thought.”
Reckoning with more than $90 million in debt
The money stopped flowing by 2023.
Marshall filed for Chapter 11 bankruptcy protection that April, declaring more than $90 million in liabilities and $21.5 million in assets, most of it in real estate.
He explained in a filing that he had been been hospitalized for a “serious heart condition” that required two surgeries, costing him $600,000. As news of his illness spread, there was a run on note holders asking for their money back.
The bankruptcy trustee, Fred Stevens, blamed Marshall’s insolvency on incompetent business practices and borrowing from people at above-market rates. The trustee contended that by 2011, Marshall was using new investment money to pay off previous investors, the hallmark of a Ponzi scheme.
Prosecutors claim Marshall falsely represented the profitability of his real estate business and had his staff generate “transaction summaries” with bogus information about account balances and earned interest.
Money was funneled into his other businesses and he spent hundreds of thousands of investors’ dollars on personal expenses, including airline travel, meals out, groceries and yoga studios, according to prosecutors.
Marshall’s clients feel betrayed.
“We left it there so that it would accumulate. Well, it accumulated in his pocket,” Barbara Baltusnik said of her investment.
The ripple effects of multimillion-dollar losses
Marshall pleaded not guilty in June to charges of grand larceny and securities fraud. He’s accused of stealing more than $50 million.
Marshall’s home and properties were sold as part of bankruptcy proceedings, which continue. People who gave Marshall their money stand to recoup around 5.4 cents on the dollar from the asset sales. Potential claims against financial institutions are being pursued, according to the trustee.
Baltusnik said she and her husband were owed hundreds of thousands of dollars and now she wonders how she will pay doctors’ bills. Sullivan’s mother moved in with him after losing her investment.
In Epworth, Georgia, retiree Carolyn Call will never see money she hoped would help augment her Social Security payments. She found out about Marshall though an uncle who lived in upstate New York.
“I’m just able to pay my bills and keep going,” she said. “Nothing extravagant. No trips. Can’t do anything hardly for the grandkids.”