Author: Emma Caplan-Fisher

When Marco Velazquez, a Chicago homeowner, discovered squatters living in his South Side property, he didn’t leave. Instead, he stayed the night.

“I couldn’t believe it,” Velazquez told ABC 7 News, after finding the home he was preparing to sell was already occupied. “It was like a nightmare.”

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What went down

The intruders, a woman named Shermaine Powell-Gillard and her boyfriend, Codarro, claimed they had purchased the property and even produced a mortgage document for police. But when Velazquez checked with Cook County officials, no such mortgage was on record.

To his shock, the police couldn’t help.

“The worst thing happened when police told me they couldn’t do anything. It needs to go to a civil court,” he said, indicating that Illinois law prevented officers from removing the pair without a court order, despite Velazquez holding the deed.

Determined not to let go of his home, Velazquez made an unusual choice.

“I said, ‘I’m not going to leave.’ Called a couple friends, stayed overnight and I knew they were not going to like that,” he told ABC 7’s I Team.

He, his wife and some friends camped out in the living room while the alleged squatters took one of the bedrooms.

“We stayed a whole night with them … watching the door,” Velazquez recalled.

The next morning, Velazquez was given an ultimatum.

“They were like, we want $8,000 of what we paid, so we can leave your property,” he said.

Though reluctant, Velazquez eventually negotiated a cash-for-key deal. He paid the couple $4,300 in exchange for their leaving and signing a release, as he feared what might happen otherwise.

“We didn’t want to give them money, but we heard really bad stories about squatters taking over properties for six, eight, 10 months, even a year,” he said.

Weeks later, a police detective told Velazquez that Powell-Gillard had also allegedly squatted in another home owned by Marcia and Carlton Lee. In that case, Powell-Gillard was arrested and charged with burglary, forgery, obstructing identification and criminal residential trespassing.

Powell-Gillard has denied all accusations, stating that claims she is a squatter are “false and unfounded,” and emphasized that she is “innocent until proven guilty,” says ABC 7.

The Chicago Police Department has not confirmed if they’re investigating Velazquez’s case. No one has been arrested or charged.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

Why police can’t always act — even when it’s your house

Velazquez’s case underscores a broader legal issue: why property disputes involving squatters often fall under civil — not criminal — law.

In Illinois and many other states, once someone establishes “possession” of a home, even wrongfully, it can be difficult to distinguish them from a legal tenant. That means a legal eviction process must occur before law enforcement can step in.

Under the current Illinois law, police often need clear evidence of criminal behavior, like a break-in or vandalism, to act. Like in Velazquez’s case, if the squatter presents a lease, mortgage, utility bills or other documents — whether forged or not — police typically don’t have the authority to assess authenticity on the spot.

Instead, the dispute moves to civil court, where a judge can determine rightful ownership.

But this won’t be the case for much longer. Senate Bill 1563 is working toward allowing police to remove squatters and skip the eviction process. The bill has passed both the Senate and House and just needs Illinois Governor JB Pritzker’s sign off to become law.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Last year, more than 1.36 billion shipments entered the U.S. duty-free thanks to a long-standing trade exemption for low-value shipments of $800 or less. Not anymore.

That exemption expired just as the Trump administration hiked tariffs on imports — including produce and other household staples.

That leaves small businesses like San Diego’s Vien Dong Supermarket scrambling to manage rising costs.

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Owner Nicholas Tran has already felt the impact. He told Fox5 News that the wholesale prices he’s paying for his products are up 10%, “but 10% you can work with.”

For now, Tran says, his business will absorb some of the added costs to support customers living paycheck to paycheck.

“In the short term, we decided as a company to do this for the community,” he said.

But he acknowledges that he can’t sustain this in the long term, and he’s already raised prices on some items in the store.

Loophole closes, prices rise

For example, the store’s top-selling fish sauce is up 50%, now retailing for $8.99.

Regular customers like Emilio Danque are noticing the changes and having to make different — and sometimes tough — choices.

“(It’s) $5.99 for Dungeness crabs,” Danque said. “Now, it’s $10.99, so forget that, I’m not eating that.”

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Tran is exploring alternative suppliers from other countries to replace Chinese imports.

“All this is short-term strategy, so it’s on the fly,” he noted.

The situation at the Vien Dong Supermarket is a case study in how the tariffs are impacting grocers and their customers across the country.

With the loophole closed, grocers are paying tariffs on imports of everyday products like bananas, tomatoes, avocados and cucumbers. In turn, they have no choice but to pass these costs on to consumers.

And if that weren’t enough, the broader economic context exacerbates these challenges.

The broader economic picture

According to the U.S. Department of Agriculture, food prices have risen by more than 20% since 2021 due to inflation, labor shortages and fuel prices.

Add in the new tariffs to already inflated prices, and lower- and middle-income families could really see their household budgets strained.

Take the cost of a staple like bananas. CNN reports that Affiliated Foods, a wholesaler in Texas that serves 700 independent grocers in the U.S., is implementing a 10% increase to the wholesale price of bananas — imported from Guatemala — due to tariffs on products from that country.

That cost increase will likely be passed on to shoppers. But Tran is still finding ways to stay the course, for the good of his customers.

“When you’re lonely and homesick for your country, if you can eat a dish (from there), then you feel a little bit of your country, and so that’s why we’re very passionate about food because it’s the quickest way to our hearts."

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In a startling incident showcasing the unique challenges of Florida living, Courtney Beck and her family were awakened by an unexpected visitor — a large alligator attempting to enter their home.

“That was just not what I was expecting,” Beck recounted to WSVN 7News in a story published May 11. “I thought maybe it was the UPS guy. It was the last thing I was thinking, was a gator.”

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The family from Wesley Chapel was alerted to the reptile’s presence by their porch camera, which captured the alligator rattling their front door. Now, Beck says, she and her family watch their backs when they leave the house.

The Becks aren’t the only household in the state to report being visited by large, scaly predators as of late. Here’s how they responded, and what homeowners can do to gator-proof their property.

Gators visiting Florida neighborhoods

In April, a homeowner in Lake Mary described a similar experience, per 7News, in which an eight-foot alligator came knocking on the front door.

“There is an alligator at the front door. Do not open it!” the homeowner is heard shouting in footage shown by 7News.

The local broadcaster reported another incident of an alligator targeting homes in a Fort Myers neighborhood. The loose gator was eventually secured and handed over to a trapper.

Florida is home to approximately 1.3 million alligators, according to the Florida Fish and Wildlife Conservation Commission. Alligators can be found across the state, the group says, but crocodiles can also be spotted by locals, primarily in south Florida.

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How to gator-proof your home

If you live in a place where wildlife encounters are frequent, given the potential dangers posed by large animals, you may wish to review your home insurance policy and consider additional coverage, if available. Companies typically don’t provide compensation for damage caused by small creatures, such as insects, rodents and birds, however, they may be more lenient when it comes to damage from large animals, such as deer, bears and, yes, alligators.

Beyond this, homeowners in Florida may want to gator-proof their property. Here are some measures to consider.

Wildlife removal services: In the event of an alligator sighting, it’s crucial to contact the appropriate public agency or a professional wildlife removal service. The average cost for such services varies widely depending on your specific location and situation.

Alligator-resistant fencing: Installing sturdy fencing can deter alligators from entering your property. Be sure these fences are high enough they can’t be climbed, possibly with the top angled outward, and the bottom several inches underground to deter digging underneath.

Reinforced, screened lanais and patios: Enclosing outdoor spaces can provide an additional layer of protection.

Smart doorbells and motion detection cameras: These devices provide a means for monitoring your home’s entrance, so like the Beck family above, you can see if that scratching at the door is a person or an alligator.

Avoid leaving pet food or garbage outside. Alligators may be drawn to food sources such as trash or pet food left outdoors. Secure all garbage in animal-resistant bins and bring pet food inside after feeding.

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Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

A Phoenix couple’s homebuying joy turned into a cautionary tale after termites, burst pipes and a hidden hole in the wall surfaced just days after they closed on a property.

Hailey and Alex Aguire were thrilled to return to Arizona from the East Coast and settle into a remodeled home they’d secured after a quick house hunt. Just 24 hours before closing, however, they received unsettling news.

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“We got a call from our realtor who was, like, ‘Hey, they were moving the staging furniture out and found termites,’” Hailey told ABC15 Arizona in a story published May 20. “We just decided, you know, they’re getting it handled that day, so we’ll go ahead and trust that it’s handled. We closed, got the keys and the next day, they were back on the wall.”

But termites were just the beginning of the couple’s problems. Here’s what happened, plus what homebuyers can do to help ensure the same doesn’t happen to them.

Multiple problems post-closing

Despite having hired three companies for inspections ahead of closing, the couple says problems continued to crop up. On day three, pipes burst in the laundry room after they used the washer for the first time. They also found a big hole in the wall hiding behind a battery-operated doorbell.

“I think the termite company and the [inspector] missed a couple of really big things that fell on us to advocate for ourselves a little bit,” Alex told ABC15 Arizona.

Fortunately, the issues were caught early, and the couple says some of the repair costs were being covered by seller credits.

The Aguires decided to share their experience to help other homebuyers avoid similar pitfalls, urging them to work with a good real estate agent, get second opinions on inspections and test every appliance before finalizing a sale.

To avoid similar issues as the Aguires experienced, the National Association of Realtors recommends walking the property alongside inspectors. The group also suggests hiring professionals from organizations like the American Society of Home Inspectors or the International Association of Certified Home Inspectors.

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Beyond general inspectors

Aside from general inspections, you may want to enlist additional specialists depending on the type, age and condition of the home you’re looking to buy. Here are some to consider:

Pest inspector: These inspections help identify infestations that can wreak havoc on a home’s structure. Cost can depend on a property’s size and location, and how detailed an inspection is requested.

Structural engineer: For assessing the home, foundation, roof and/or chimney. Price may vary based on the home’s location and requirements.

Septic system inspector: Especially for rural homes, a septic system inspection can be key to ensuring the waste management system functions as it should. Costs may depend on the nature of the inspection and things like tank accessibility and any extra services required.

HVAC specialist: Inspecting heating, ventilation and cooling systems can help ensure they’re running as they should. The cost can go up depending on the system’s complexity and if further tests are needed.

Arborist: Trees near a home can pose a risk if diseased or leaning, so you may want to know how healthy and safe a prospective property’s trees are.

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For the third time, Amanda Sparks, the owner of A&L Sheds, has been arrested — this time, in Montgomery County, Texas.

Authorities allege she scammed more than 100 people out of more than $1 million by promising to build sheds and tiny homes that were never delivered.

Sparks’ previous arrests occurred in Gray and Harris counties, and now a $12 million civil judgment has been issued against her by the Harris County Attorney’s Office.

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"It’s heartbreaking. It’s very heartbreaking," victim Julia Marino told KPRC 2 News Houston.

"My mother passed away just last month. If I had my $8,100, I could help with her funeral."

A web of victims and a $12 million judgment

Sparks faces felony theft charges after a warrant was issued by Johnson County. According to investigators and victims, she allegedly collected large upfront payments — ranging from $1,000 to $50,000 — often in cash, from individuals and organizations expecting sheds or tiny homes. In many cases, contracts were signed, but no work ever began.

Victims include private citizens as well as vulnerable groups including a church, a domestic violence shelter and even a construction crew claiming it completed work in 2023 but was never paid.

Victim Charlotte Clifford, who says she paid $16,800 up front, recalled her experience to KPRC reporters

"She wrote out a contract — I’ve got the contract, all the paperwork at home — telling us when she was going to start our building. It never happened.”

The fraud unraveled when more than 100 people came together via a Facebook group, where they compared notes and documented their stories, revealing a pattern of broken promises and missing funds. Their collective effort culminated in a complaint submitted to the Harris County Attorney’s Office in late 2024.

Marino, an organizer behind the complaint, emphasized the importance of recordkeeping and speaking out.

"We’re showing a paper trail because we’re all in this together,” she told KPRC News. “We’re trying to get a resolution on this. It’s just taking a little time.”

The result of that work was a $12 million judgment signed at the end of March 2025, which could help victims recover some of their losses.

With housing costs on the rise, more people are turning to tiny homes as an affordable alternative. According to one report, 73% of Americans would consider living in a tiny home.

However, this case highlights how the booming industry has presented an opportunity for scammers.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

Watch for red flags and protect yourself from builder scams

If you’re planning to purchase a tiny home, here are some ways to protect yourself. The key is staying vigilant and doing your homework before committing.

Verify builder licensing and references

Ensure your builder is licensed and bonded. Ask for references, check online reviews and their rating with the Better Business Bureau. Reputable builders should have a portfolio of completed projects and satisfied clients.

Get a detailed contract

A legitimate builder should provide a detailed contract outlining timelines, materials, payment terms and guarantees.

Avoid paying 100% up front

Never pay the full amount before any work is done. A deposit, typically 10% to 25%, is reasonable, but further payments should be tied to completed work milestones. Your state may have limits on how much a contractor can ask for up front, check your local laws.

Use escrow services

Escrow accounts protect your money by only releasing funds when both parties meet agreed-upon terms. This is especially helpful for large transactions.

Watch for red flags

High-pressure sales tactics, vague or verbal-only agreements and refusal to show credentials or provide timelines can all be warning signs.

Keep all documentation

Save emails, receipts, signed contracts and messages. This can be helpful in disputes and legal actions, should it come to that.

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Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

For some, the road to marriage can look financially lopsided. Those in their 30s earning their fair share — say, more than $100,000 a year — may be used to covering 100% of their individual household expenses.

However, it doesn’t typically feel good when a fiance refuses to contribute, claiming their money is only for “fun,” not “responsibilities.” This scenario isn’t as uncommon as you might think.

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According to the U.S. Bureau of Labor Statistics, the average American household spent about $77,280 annually on expenses in 2023, including housing, transportation, food, insurance and health care.

In a two-person household, those costs can quickly add up. And when only one person is footing the bill, the financial and emotional burden becomes even heavier.

The red flags of an unequal dynamic

While differences in income are normal, refusing to contribute entirely can trigger long-term problems.

When one partner sacrifices and handles 100% of the financial responsibilities, their personal finances may suffer down the road, while the other partner gains.

This creates several challenges.

Budget strain. Even with a six-figure salary, carrying the full weight of household costs limits your ability to save, invest or spend on yourself.

Lifestyle imbalance and negative emotions. When one person is financially constrained while the other uses their full income for leisure, it can foster resentment.

Power imbalance. Financial inequality can also seep into decision-making. The partner who pays for everything may feel overburdened and unheard, while the non-contributing partner may avoid accountability.

Future financial insecurity. Without shared financial planning, big goals — from buying a home to starting a family — may be delayed or derailed entirely.

It’s about more than just paying the bills: aligning your values, goals and decisions is important in a successful relationship.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

How to address it before saying ‘I do’

Before walking down the aisle, a couple in this situation needs to be candid, in a productive, structured way. If you see yourself as the "giving" half of your relationship, here are a few practical steps to hopefully see change.

1. Have a values-based conversation

Frame the conversation not as a confrontation, but as a shared planning session for your future.

You can try something like: “I want us to feel like we’re building something together. Can we talk about how we want to manage money as a team?”

Focus on shared goals, like housing, travel, kids and retirement, and how to achieve them together.

2. Consider financial counseling

If emotions are running high, a third party can help. Premarital or financial counseling can uncover deeper money beliefs and create shared understanding.

Resources like the Financial Therapy Association can help you locate professionals near you.

3. Propose a fair cost-sharing model

A practical approach is using a cost-sharing model like a proportional contribution one.

Under this, you’d figure out the proportion of total household income you each bring in. This system keeps contributions equitable while acknowledging income disparities.

For example, say you earn 70% of your combined income and your partner earns 30%. You’d each contribute these proportions toward shared costs.

So, if those costs are $65,000 annually, you’d pay $45,500 per year, while your partner would pay $19,500 per year.

4. Set boundaries and deadlines

If your partner continues to resist contributing, it’s worth asking yourself if this is a difference in values or a refusal to partner in life. Marriage is a financial partnership as much as an emotional one.

Put yourself first by setting a deadline to revisit the conversation and being honest with yourself about your limits.

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Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Some Florida homeowners hardest hit by hurricanes Milton and Helene must now also see their homes completely demolished or, if they’re lucky, elevated.

This follows a federal mandate that impacts majorly damaged homes — those impacted by natural disasters. Federal Emergency Management Agency’s (FEMA) 50% rule dictates that if a house is in a flood zone and local building officials deem it to be substantially damaged, straightforward repairs may not be sufficient.

The complex regulation kicks in when the repair costs exceed 50% of the home’s market value (the test for “substantially damaged”), amounting to hundreds of thousands of dollars for the homeowners.

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The impact of hurricanes Milton and Helene

Hurricane Milton took at least 24 lives in Florida and caused over $34.3 billion in damages last October, while just days prior, Hurricane Helene’s aftermath killed 34 in the state and caused over $78.7 billion in damages across the U.S.

The west coast barrier islands of Pinellas County were one of the state’s most impacted areas. Redington Shores resident Derek Brunney has lived in his home for over 20 years and has had to contend with it being demolished.

“You start seeing different events you had on the property. Weddings, birthdays, things like that. It just rehashed everything," Brunney told WFLA News Channel 8 On Your Side about the aftermath. "It’s one step forward, two, or three steps back. You get punched in the eye at the same time.”

The trouble for many homeowners like Brunney is that they still must pay for their insurance and utilities. But he — and many other Florida homeowners — still hold out hope for a better future.

“It’s slow,” he said. “It’s daunting. It’s exhausting, but it’s the only way you’re going to move forward right now until you get to the end of it.”

How to budget for the unexpected

When it comes to home repairs and rising insurance costs, you often can’t anticipate when they’ll hit. The key is to be prepared. While this isn’t a simple feat for many, there are some practical things you can start doing today to budget for the future and any rebuilding efforts.

Set aside emergency savings. Aim to save what you can each year for emergency repairs and maintenance. Ideally, your fund will cover three months worth of minimum monthly expenses, but if you’re in a disaster-prone area, you’ll need to prepare for more than the bare minimum because such expenses fall beyond the parameters of regular expenses. To get a sense of what you’d need to put away, you can try using a savings goal calculator, or plain old pencil and paper. While those funds sit tight, invest them independently in something that earns interest yet keeps them separate and accessible, like a high-yield savings account.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

Understand your insurance plan and exactly what you are and aren’t covered for. Review your home insurance policy in detail every year, and don’t hesitate to contact your agent to clarify terms. Ask questions. Document answers. Make sure you understand deductibles, exclusions and any limits on claims.

Prepare and save for increased premiums. Track trends in local insurance rates and adjust your budget accordingly. Even if you aren’t in an area of direct impact when it comes to natural disasters like fires and hurricanes, you may be surprised to learn, your premiums may still be going up. Others in “high-catastrophy states” may also need to prepare. Understand why this may be the case, and prepare to shop around for the best rates for the coverage you need, if necessary.

Future-proof your home against natural disasters. Start with small projects like installing storm shutters and sump pumps, reinforcing your roof and replacing lighter materials with more durable alternatives. Then, consider larger upgrades like hurricane resistance or seismic retrofits, and flood barriers. Fireproofing his home made all the difference for this California resident.

Look into state-wide programs to help offset costs. For example, Elevate Florida, the state’s first elevation mitigation program, was designed to "enhance community resilience by mitigating private residences against natural hazards." It provides eligible homeowners with at least 75% of their costs for structure elevation, mitigation reconstruction, acquisition/demolition or wind mitigation. Research and use all the programs and funds available to you.

With these measures, you can rest assured you are being proactive in protecting your home and your future.

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Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

During a recent episode of The Ramsey Show, Adam, from Knoxville, Tennessee, shared his ongoing struggles to maintain a household budget with his wife, who is battling Stage 4 cancer.

Adam began by explaining that "There’s a fight every time we try to set a budget." He added, “She feels like I just make the budget and then go over it with her, but she always feels like I just make it and don’t give her any input,” highlighting the tension that financial planning has introduced into their relationship.

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Budgeting as a joint effort

Adam explained that budgeting is a new priority for them, and he identified himself as the more organized partner — or "nerd," as finance expert Dave Ramsey put it.

In response, Ramsey emphasized the importance of making the budget a joint effort. He explained that he teaches the "nerds" creating budgets to work with their "free spirit" partners by involving their partners in the process and getting them to contribute.

"[You must let] the free spirit … change some things in your perfect little budget. Otherwise, it’s not our budget, it’s your budget," he told Adam.

He initially believed that’s what Adam’s partner was griping about.

However, Adam went on to explain that, despite his wife’s health challenges with Stage 4 cancer and reliance on disability income, he wanted her to contribute financially. He even suggested side work to bring in extra money, so they could stay on track to be consumer debt-free within 12-18 months.

This is where things shifted for Ramsey.

He responded with concern for Adam’s wife, criticizing his insistence on his wife’s financial contribution during her illness, stating, "I absolutely apologize to your wife for calling her a whiner in Stage 4 cancer, and I’ve discovered that you are the whiner."

Ramsey emphasized the need for empathy and understanding, advising Adam to prioritize his wife’s health and well-being over financial contributions.

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He stressed that "Thing One" is to beat cancer, while getting out of debt can be delayed, pointing out it’s fine to move towards the debt-free goal at a slower pace while she doesn’t work.

Ramsey also said it’s fair for Adam to do a better job of drawing her in to get agreement on the budget. However, he understood her unwillingness to participate so far, given that Adam’s proposed solution was "unreasonable."

Balancing health and financial stability

Ramsey recommended the couple engage in open communication and seek guidance from professionals. “You guys need to sit down with someone and start working on your relational skills,” he advised.

He also stressed the importance of Adam drawing his wife into budgeting conversations in a supportive manner, to create a safe space for productive dialogue and a healthy future together.

The truth is, they’re not alone — financial disagreements are a common source of conflict in relationships.

A study found that financial worries significantly predict conflict for both spouses in many coupled households. Husbands with financial concerns were nine times more likely to report financial conflict, while wives with the same worries were nearly 13 times more likely to report such conflict.

To navigate financial challenges, couples are encouraged to:

Engage in open dialogue. Regular, honest conversations about finances can help partners understand each other’s perspectives and reduce misunderstandings.

Seek professional guidance. Financial counselors and therapists can provide tools and strategies to manage financial stress and improve relationship dynamics.

Adopt collaborative budgeting. Creating a budget together ensures that both partners have input and buy-in, fostering a sense of shared responsibility.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Arizona father and son, Randy and Chad Miller, have reportedly been indicted in an alleged scheme that targeted investors looking to fund a sports complex.

The elaborate plot, which resulted in more than $280 million in defrauded funds, involved municipal bonds linked to a large sports complex in the city of Mesa.

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Federal prosecutors allege the pair deceived investors about prospective interest in the use of Legacy Park (formerly Bell Bank Park). The Millers used forged documents to sell what were essentially worthless bonds, according to prosecutors.

The father–son duo now face four major charges, with victims ranging from individuals to organizations, including one that promotes athletes living with disabilities.

What happened?

According to federal investigators, the Millers orchestrated an elaborate fraud centered on Legacy Park, a massive sports venue near Mesa Gateway Airport.

The pair reportedly created fake demand by forging "binding" letters of intent from sports groups and customers, falsely claiming that the venue would be fully occupied and generate more than $100 million in its first year — more than enough to cover bond payments.

In some instances, prosecutors allege that the Millers directed others to sign letters without permission or copied forged signatures onto fabricated documents.

“Essentially, the Millers made solicitations … particularly through bonds that were based on false statements and misrepresentations,” criminal defense attorney Jason Lamm told AZ Family.

The fraudulent documents misled investors into believing the project had significant, credible backing. However, the project began unraveling soon after opening in 2022.

By October of that year, the park had defaulted on its bond payments and filed for bankruptcy the following spring. Despite the estimated $284 million raised, federal officials say less than $2.5 million was ultimately used to repay bondholders. The complex was eventually sold for less than $26 million.

The FBI’s assistant director in charge, Christopher G. Raia, remarked to AZ Family: “Randy and Chad Miller allegedly chose to use a planned sports complex as a means to exploit and defraud investors … the FBI will continue to ensure a level playing field by holding fraudsters accountable.”

Prosecutors said the money was allegedly used to enrich the Millers personally, with things like a home, SUVs and inflated salaries.

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The father-son duo has been charged with conspiracy to commit wire fraud and securities fraud, one count of securities fraud, one count of wire fraud and one count of aggravated identity theft.

“The Millers allegedly executed the scheme using fraudulent documents to lie about the status of the proposed project in order to raise hundreds of millions of dollars which they used to enrich themselves,” Raia said.

How to spot similar investment scams

Investment scams involving municipal bonds or large development projects often prey on good intentions, especially when tied to community efforts.

Awareness and skepticism are your best defense. Here are some red flags and practical tips to avoid being deceived.

Lack of transparency. If financial documents, contracts or project plans aren’t readily available, that’s a warning sign.

Pressure to act quickly. Scammers often create a sense of urgency to discourage due diligence.

Unrealistic returns or projections. Promises of high or guaranteed returns, especially on municipal bonds, should raise suspicion.

Missing independent verification. If third-party audits or evaluations are unavailable, it may signal fraudulent intent.

Follow these tips to protect yourself:

• Verify bond issuers. Check with the Municipal Securities Rulemaking Board and Electronic Municipal Market Access database to confirm a bond offering’s legitimacy.
• Consult financial advisors. Before investing significant sums, especially in unfamiliar financial products, speak with a licensed investment advisor or securities attorney.
• Research the project thoroughly. Look for third-party confirmations, such as news reports, planning commission documents or business filings.
• Don’t rely on just the pitch. If the only source of information is the promoter, it’s time to ask questions and dig deeper.

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Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.