300M Dollar Bell Bank Park Fraud: Randy and Chad Miller, the father-son team behind Bell Bank Park in East Mesa, Arizona, were arrested last week and charged with defrauding investors of nearly $300 million. The FBI alleges the two used fake documents and misleading projections to raise funds for the massive sports complex, which later went bankrupt.
A Grand Opening, Then a Collapse
Bell Bank Park opened three years ago as the largest sports and entertainment facility in the country, with 194 fields and courts. But behind the scenes, prosecutors say it was built on deception.
The Millers lost the venue, now renamed Arizona Athletic Grounds, after filing for bankruptcy in 2023. At that time, they claimed the park owed $366 million to bondholders, contractors, and service providers. FBI agents arrested Randy J. Miller, 70, and Chad J. Miller, 41, on April 2. They appeared in U.S. District Court in Arizona the following day.
“Randy and Chad Miller allegedly chose to use a planned sports complex as a means to exploit and defraud investors,” said FBI Assistant Director in Charge Christopher Raia in a news release.
“The Millers allegedly executed the scheme using fraudulent documents to lie about the status of the proposed project in order to raise hundreds of millions of dollars, which they used to enrich themselves.” – (Christopher Raia)
Lavish Spending With Investor Money
The indictment states that the Millers used bond money for personal items. This included a Chevrolet Tahoe in February 2021, a Cadillac Escalade in April 2021, and over $400,000 in July 2021 to buy a home for Randy Miller.
They also paid themselves $100,000 more than their stated salaries and took out extra funds beyond that. In June 2021, they withdrew hundreds of thousands of dollars in addition to their pay.
“hundreds of thousands of dollars separate from, and in addition to, their salaries.” – (indictment)
Around December 2021, after being confronted by Legacy Sports’ CFO, the two agreed to repay some of the money: $1.89 million from Randy Miller and $347,199 from Chad Miller.
Fake Documents and False Promises
The Millers are accused of misleading investors by using fake financial documents. A feasibility study from 2016 warned that the park would make less money than expected. It predicted first-year revenue of $29–$38 million.
“The consultant estimated that the potential first-year annual revenue for that project ranged from $29 million up to, with caveats, $38 million.” – (SEC complaint)
“The study’s authors told the defendants that if they wanted higher revenue projections validated by the feasibility study, they would need to substantiate those projections with letters of interest from would-be customers.” – (indictment)
To make their numbers look better, the Millers included over 50 letters of intent in their financial projections. The SEC says most of these were either fake or altered, with forged signatures from Millers and their partner, Jeffrey De Laveaga of Sports USA.
“Each defendant knew or was reckless in not knowing that he was creating false documents, and that the documents would be disseminated to investors.” – (SEC complaint)
They also made up 25 “pre-contracts,” supposedly showing signed commitments from customers to use the park. These included names and organizations that had not actually approved the deals.
“In addition to the fabricated letters of intent, defendants also, knowingly or recklessly, collaborated to create a set of 25 so-called ‘pre-contracts,’ which, like the letters of intent, are referenced through the 2020 offering memorandum as supporting the revenue expectations.” – (SEC complaint)
“Randy Miller and Chad Miller touted the importance of these written commitments from customers as creating an expectation of ‘100% occupancy prior to breaking ground, providing a revenue base upon the commencement of operations.’” – (indictment)
Chad Miller also told investors the park would make $23 million in direct revenue from pre-contracts and another $18.9 million from letters of intent. The Millers said they could repay the bonds even if revenue fell short by 60%.
Big Loans, Bigger Losses
Two rounds of municipal bonds were issued in August 2020 and June 2021, totaling about $284 million. Investors were told this money would be paid back using income from the park. However, in its first year, the complex made less than $28 million—far below the $96 million promised.
In October 2022, Legacy Cares defaulted on its bond payments. Seven months later, the organization filed for bankruptcy. Investors recovered less than $2.5 million of the $284 million they invested. The complex was sold in 2024 for about $26 million and renamed Arizona Athletic Grounds.
Legal Action and What’s Next
Randy and Chad Miller face multiple federal charges: conspiracy to commit wire and securities fraud (5 years max), one count each of securities fraud and wire fraud (20 years each), and one count of aggravated identity theft (2-year minimum).
They must also forfeit all personal and real property gained through the scheme. The SEC is also suing the Millers and De Laveaga in a parallel case.
The Bigger Picture
The case highlights how even large projects can hide fraud. The sports park, once a dream project, ended in financial disaster. It also serves as a warning to investors to carefully verify claims before trusting large-scale ventures. The outcome of the criminal and civil cases could impact future sports complex developments across the U.S.
News in Brief: 300M Dollar Bell Bank Park Fraud
Randy and Chad Miller are accused of defrauding investors of $300 million linked to the Mesa-based Bell Bank Park project. Using fake documents and inflated revenue projections, they raised funds that were misused for personal gain. The sports complex later went bankrupt. Both face federal charges and SEC action.
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