Investors who put their money with Carr Miller—or whose financial advisors recommended Carr Miller—face the same shock as other people who learned that their money was invested in an alleged Ponzi scheme. They may have invested their life savings and just learned that money they thought they would have to retire on is gone—allegedly gone to pay for luxury vacations, luxury cars or fancy meals. Money investors saved knowing they would need it to pay for bills and cost of living in their later years was allegedly used for personal purchases of the three Carr Miller principals: Everett Charles Ford Miller, Ryan J. Carr and Brian P. Carr.
Now, investors must determine what they should do next. Carr Miller already faces a lawsuit filed by New Jersey Attorney General Paula Dow, who alleges Carr Miller's Ponzi scheme defrauded investors of more than $40 million. The lawsuit, filed in late 2010, accuses Carr Miller of investing $16 million of the money in hedge funds, real estate and film production companies without informing investors.
READ MORE CARR MILLER CAPITAL PONZI SCHEME LEGAL NEWS
A lawyer for Ryan Carr said that he was a sales person but not a principal of Carr Miller and therefore did not know about any alleged fraud or Ponzi scheme.
According to the lawsuit, Carr Miller offered investments of nine-month terms with annual returns of between 10 and 15 percent. The lawsuit alleges that money from newer investors was used to pay out previous investors and was also used to fund personal purchases for Carr Miller principals.
Investors could file an arbitration or a lawsuit to attempt to recover money that was lost in the alleged Carr Miller Ponzi scheme.