{"id":1746,"date":"2015-11-17T19:52:32","date_gmt":"2015-11-17T19:52:32","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2015\/11\/sec_says_amish_investors_were"},"modified":"2022-03-22T14:29:08","modified_gmt":"2022-03-22T19:29:08","slug":"sec-says-amish-investors-were","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sec-says-amish-investors-were\/","title":{"rendered":"SEC Says Amish Investors Were Bilked in $3.9M Securities Fraud"},"content":{"rendered":"

\t\t\t\tThe U.S. Securities and Exchange Commission is suing Earl D. Miller for securities fraud<\/a>. According to the regulator, the Indiana man bilked investors, many of whom were Amish and new to investing, through private investment vehicles 5 Star Capital LLC and 5 Star Commercial LLC. <\/p>\n

The SEC says Miller began recruiting investors last year. The private investment entities he created were supposed to invest in real estate property and green products with patents that one of the companies owned. However, claims the regulator, no patents were actually owned. Instead, contends the agency, the money went to companies that were supposedly developing other products, including energy-efficient washing machines and a pedal-run wheelchair. The bulk of these investments quickly failed. Most of the funds were invested in loans and were supposed to result in interest payments every month. However, such payments only were issued for five months and then they stopped completely.<\/p>\n

Miller marketed his investment services in Amish newspapers and in Amish community meetings. He gave investors promissory notes for their money. The notes came with a fixed 8-12%\/year return rate, which is a lot higher than the rates for other fixed-return investments, including bank deposits. He also purportedly said he was not paid any money for managing the fund even though he allegedly took $1M for his own spending. At least 70 investors were bilked.
\n Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The U.S. Securities and Exchange Commission is suing Earl D. Miller for securities fraud. According to the regulator, the Indiana man bilked investors, many of whom were Amish and new to investing, through private investment vehicles 5 Star Capital LLC and 5 Star Commercial LLC. The SEC says Miller began recruiting investors last year. The […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3918,3760,3741],"tags":[],"class_list":["post-1746","post","type-post","status-publish","format-standard","hentry","category-affinity-fraud","category-sec-enforcement","category-securities-fraud"],"yoast_head":"\nSEC Says Amish Investors Were Bilked in $3.9M Securities Fraud — Investor Lawyers Blog — November 17, 2015<\/title>\n<meta name=\"description\" content=\"The U.S. Securities and Exchange Commission is suing Earl D. Miller for securities fraud. According to the regulator, the Indiana man bilked investors, — November 17, 2015\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/sec-says-amish-investors-were\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"SEC Says Amish Investors Were Bilked in $3.9M Securities Fraud — Investor Lawyers Blog — November 17, 2015\" \/>\n<meta name=\"twitter:description\" content=\"The U.S. Securities and Exchange Commission is suing Earl D. Miller for securities fraud. 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