The U.S. Securities and Exchange Commission filed a complaint charging Randall “Randy” Miller, Chad Miller, and Jeffrey De Laveaga with allegedly defrauding investors in two municipal bond offerings that raised approximately USD 284 million to finance construction of a multi-sports park and family entertainment center in Mesa, Arizona. The SEC alleges investors were misled by revenue projections based on fabricated or altered supporting documents, and the bonds later defaulted. According to the complaint, Randy Miller’s nonprofit, Legacy Cares, issued the bonds in August 2020 and June 2021 through an Arizona state entity, with bond payments to be funded by revenues from the sports complex. The SEC alleges the defendants falsified documents underlying the projections, including purported letters of intent and contracts with sports clubs, leagues, and other users; after the complex opened in January 2022, it hosted far fewer events, attendance was much lower than projected, revenues were tens of millions of dollars below expectations, and the bonds defaulted in October 2022. The SEC seeks permanent and conduct-based injunctions, disgorgement with prejudgment interest, and civil penalties, and noted parallel criminal charges announced by the U.S. Attorney’s Office for the Southern District of New York; the SEC’s investigation remains ongoing.

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