Father and Son Plead Guilty in $280 Million Legacy Park Bond Fraud
A father and son from Phoenix have pleaded guilty to defrauding some of the nation’s largest investment firms in a scheme tied to a failed Arizona sports complex that left municipal bondholders facing more than $280 million in losses.
Randy Miller, 70, and his son Chad Miller, 40, entered guilty pleas Wednesday in Manhattan federal court to charges of securities fraud and aggravated identity theft. Among the defrauded investors were major financial firms including Vanguard Group Inc., AllianceBernstein Holding LP, and Macquarie Group’s Delaware Funds. The fraudulent investments were tied to bonds issued for the Legacy Park development in Mesa, Arizona.
Federal prosecutors say the Millers used fake letters of intent and fabricated pre-contracts to mislead investors into believing that major sports organizations had committed to using the complex. Bond documents falsely claimed partnerships with high-profile teams such as English Premier League club Manchester United and a youth affiliate of Major League Soccer’s Real Salt Lake—claims those organizations later denied.
Under their plea agreements, prosecutors agreed not to oppose prison sentences of under seven years. Randy Miller will forfeit approximately $7.3 million, while Chad Miller, a former minor league baseball player, will surrender around $4.8 million. The pair may also face fines ranging from $40,000 to $400,000.
After struggling for years to secure private financing, the Millers turned to revenue-backed municipal bonds issued through the Arizona Industrial Development Authority. This route allowed them to sidestep stricter regulatory scrutiny typically applied to corporate securities.
Legacy Park—a sprawling 320-acre complex featuring fields and courts for sports like baseball and soccer—opened in January 2022. However, the project quickly floundered, failing to generate enough revenue to cover even its first bond payment. It defaulted later that same year. In May 2023, the nonprofit entity established by the Millers to own and operate the complex filed for bankruptcy, citing pandemic-related construction delays, labor shortages, and supply chain disruptions.
The property was ultimately sold in October 2023 for $26 million. Bondholders received just $2.4 million in cash and an 11% equity stake in the new ownership group.
The case is U.S. v. Miller, No. 25-cr-138, in the U.S. District Court for the Southern District of New York (Manhattan).
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