United States SEC Charged 3 Individuals for Fraud in Issuing $284 Million Municipal Bonds (Legacy Cares) to Finance United States Arizona Sports & Family Entertainment Center by Creating False Documents in 2 Bond Offerings to Investors, 3 Individuals are Randall “Randy” Miller, Chad Miller & Jeffrey De Laveaga
5th April 2025 | Hong Kong
The United States securities and Exchange Commission (SEC) has charged 3 individuals for fraud in issuing $284 million municipal bonds (Legacy Cares) to finance United States Arizona Sports & Family Entertainment Center by creating false documents in 2 bond offerings to investors. The 3 individuals are Randall “Randy” Miller, Chad Miller & Jeffrey De Laveaga. United States SEC (1/4/25): “The Securities and Exchange Commission today charged Randall “Randy” Miller, Chad Miller, and Jeffrey De Laveaga with creating false documents that were provided to investors in two municipal bond offerings that raised $284 million to build one of the largest sports venues of its kind in the United States. As alleged in the SEC’s complaint, in August 2020 and June 2021, Randy Miller’s nonprofit company, Legacy Cares, issued approximately $284 million in municipal bonds through an Arizona state entity to finance the construction of a multi-sports park and family entertainment center in Mesa, Arizona. Investors were to be paid from revenue from the sports complex, and investors were given financial projections for revenue that were multiple times the amount needed to cover payments to investors, according to the complaint. However, the complaint alleges that the defendants fabricated or altered documents forming the basis for those revenue projections, including letters of intent and contracts with sports clubs, leagues, and other entities to use the sports complex. The sports complex opened in January 2022 with far fewer events and much lower attendance and generated tens of millions less in revenue than expected under the false projections, and the bonds defaulted in October 2022, according to the complaint. The SEC’s complaint, filed in the U.S. District Court for the Southern District of New York, charges Randy Miller, Chad Miller, and De Laveaga with violating the antifraud provisions of the federal securities laws and seeks permanent injunctions, conduct-based injunctions, disgorgement with prejudgment interest, and civil penalties. In a parallel action, the U.S. Attorney’s Office for the Southern District of New York today announced criminal charges for similar conduct.”
“ United States SEC Charged 3 Individuals for Fraud in Issuing $284 Million Municipal Bonds (Legacy Cares) to Finance United States Arizona Sports & Family Entertainment Center by Creating False Documents in 2 Bond Offerings to Investors, 3 Individuals are Randall “Randy” Miller, Chad Miller & Jeffrey De Laveaga “
United States SEC Charged 3 Individuals for Fraud in Issuing $284 Million Municipal Bonds (Legacy Cares) to Finance United States Arizona Sports & Family Entertainment Center by Creating False Documents in 2 Bond Offerings to Investors, 3 Individuals are Randall “Randy” Miller, Chad Miller & Jeffrey De Laveaga
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