Federal authorities have indicted a Pennsylvania financial advisor on charges that she orchestrated a "massive Ponzi scheme" that may have duped hundreds of victims out of millions of dollars. Patricia S. Miller, 67, was charged with five counts of wire fraud by the U.S. Attorney for Massachusetts. If convicted of the charges, Miller could face up to twenty years in federal prison for each count as well as up to a $250,000 fine.
Miller served as a financial advisor with several brokerage firms, most recently with Investors Capital Corp in McMurray, Pennsylvania. Using her position as a financial advisor, Miller solicited potential investors for "investment clubs," such as "KS Invsestments" and "Buckharbor," that offered high rates of return through purported investments in fixed-income notes and other investments. According to the indictment, investors entrusted millions of dollars towards these "investment clubs."
However, authorities alleged that Miller did not use investor funds as promised, but rather misappropriated funds for her own use as part of a massive Ponzi scheme that may have dated back as far as the early 1990's. According to Miller's FINRA Broker Check, she was terminated in May on grounds that she misappropriated customer funds, borrowed money from customers, and engaged in fraudulent investment activity. The Report also disclosed that Miller was the subject of at least six pending customer complaints related to the alleged scheme.
Miller's Broker Check is below: