Investor-victim of a $100 million Ponzi scheme prepares for another class lawsuit

WATERVILLE, N.Y. (WSYR) — On the same day that a class action lawsuit was filed surrounding the alleged Ponzi scheme of a Madison County tax preparer, known as Miles Burt Marshall, investor-victim Darlene Stetson spoke out about losing nearly $75,000.

Stetson continues to reel after years of being deceived by Marshall. While filing the Stetson family’s taxes, Marshall pitched his so-called “Eight Percent Fund.” After thinking their money was getting invested into the community, Stetson said they invested $8,000 and worked their way up from there.

“You put your trust in a ‘pillar of the community’ if you will, thinking you had nothing to worry about,” Stetson said.

But now, Stetson is preparing for another round of lawsuits. This time, she will be fighting alongside 369 investor-victims with a robust legal team against Berkshire Bank, an institution that allegedly aided in the fraudster’s $100 million Ponzi scheme. According to the lawsuit, the bank gifted Marshall a personal check scanner that he used to deposit thousands of dollars daily.

“They had this forewarning of this fraudulent activity and this potential Ponzi scheme,” she said. “They had been contacted before by other banks, and they chose to turn a blind eye for their own financial gain, their own financial benefit.”

Stetson feels determined to fight for the families, churches, fire departments, and other community organizations that lost thousands of dollars, like her family did. Many have reported losing their life savings and retirement funds.

“It’s not just us that I’m out here speaking…it’s for everybody and all of their losses,” she said. “There’s a lot of devastation for people that put their trust out there.”

Moving forward, Stetson said she hopes people think twice before making potential future investments.

“If it seems too good to be true, it probably is,” she said. “Make sure you do all of your homework, your legwork, your research, and don’t trust others.”

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Source: Local SYR September 11 2025