• July 29, 2010  |  Santa Ana, California

Schiffer & Buus, APC obtained an $86.5 Million judgment on behalf of over seventy people against John Anthony Miller and Theodore Staren for running a fraudulent "Ponzi" scheme. The Court entered judgment for the investor's principal losses, as well as, punitive damages. John Anthony Miller previously pled guilty to securities fraud in federal court on March 27, 2009, after having bilked hundreds of people out of their retirement savings.  Mr. Miller informed people that he could obtain 10% to 18% annual returns by investing in foreign currency trading, oil wells, real estate and other purported investment opportunities.  In reality, he made very few investments, and used investor money to pay returns to other investors and for his own personal benefit -- a classic Ponzi scheme. Mr. Staren has also been charged with wire fraud, and is currently awaiting trial on proceedings brought against him by the Federal government.