SPORTS PARK FRAUD! Liars Faked Contracts for $284 Million Bond Bonkers Bond Bonanza!

SEC v. Jeffrey Puzzullo, Randall J. Miller, Chad J. Miller, et al. — U.S. Securities and Exchange Commission Litigation Release No. 26498, dated March 9, 2026.

The SEC charged several individuals, including Jeffrey Puzzullo and the Miller brothers, with defrauding investors in municipal bond offerings for a sports complex. Defendants allegedly fabricated documents to inflate revenue projections, leading to bond defaults. Partial consent judgments have been entered against the defendants, and parallel criminal proceedings have resulted in prison sentences and forfeiture orders.

In Plain English

Imagine someone wants to build a big sports park and asks people to lend them money by buying special bonds. They promise to pay back the lenders using money the park will make. But, the people asking for money lied about how much money the park would make by faking papers from groups who said they would use the park. When the park opened, it didn't make nearly enough money, and the lenders didn't get their money back. Now, the government is making the people who lied pay back money and face other consequences.

Disclaimer: all facts are drawn from the SEC's own filings; the claims described are allegations unless and until a court rules or the parties settle, and some cases end in dismissal.

How the Alleged Scheme Worked

1. Develop a Project Idea In August 2020 and June 2021, Randall "Randy" Miller's nonprofit company, Legacy Cares, planned to finance the construction of a multi-sports park and family entertainment center in Mesa, Arizona.
2. Prepare Offering Documents Limited offering memoranda were created for the bond offerings, indicating that investors would be repaid from the revenue generated by the sports complex. These documents included revenue projections.
3. Fabricate Revenue Support The defendants allegedly fabricated or materially altered documents, such as letters of intent and pre-contracts, with sports clubs and other entities to falsely demonstrate demand for the sports complex.
4. Inflate Revenue Projections These fabricated documents formed the basis for revenue projections in the offering memoranda that were multiple times the amount needed to cover payments to investors, misleading potential bond buyers.
5. Issue Municipal Bonds Legacy Cares issued approximately $284 million in municipal bonds through an Arizona state entity to fund the project, based on the misleading information provided to investors.
6. Open the Facility The sports complex eventually opened in January 2022, but it experienced far fewer events and much lower attendance than the inflated projections suggested.
7. Default on Bonds Due to the significantly lower-than-projected revenue, the municipal bonds defaulted in October 2022, leaving investors unable to recover their principal and expected returns.

The Enforcement Action

The SEC obtained partial consent judgments against Jeffrey Puzzullo, Randall J. Miller, Chad J. Miller, and Jeffrey De Laveaga for alleged municipal bond offering fraud. The defendants are permanently enjoined from violating securities laws, except for personal trading. Disgorgement, prejudgment interest, and civil penalties are to be determined by the court. Parallel criminal proceedings led to prison sentences for Randy and Chad Miller, forfeiture orders, and ordered restitution for all four defendants.

Named in this action: Jeffrey Puzzullo, Randall J. Miller, Chad J. Miller, Jeffrey De Laveaga.

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