MADISON COUNTY, N.Y. (WSYR-TV) — A developing story out of Madison County, where a tax preparer under investigation by the State Attorney General’s Office has filed for federal bankruptcy projection.

In federal court papers obtained by NewsChannel 9, Miles Burton Marshall owes nearly 93 million dollars to his creditors.

That includes 90 million dollars to more than one-thousand investors.

As NewsChannel 9 first told you last month, people who invested with Marshall were promised an eight percent return on their investment. There have more than 20 lawsuits filed against Marshall with clients seeking at least three million dollars of their money.

Based on complaints, Marshall was no longer paying out interest checks and refused requested pay-outs.

Earlier this month, Marshall’s attorney Jeffrey Dove told NewsChannel 9: “Mr. Marshall is not running a Ponzi scheme and they are working with him to develop a plan to provide liquidity from his assets that can then be used to respond to the claims of his creditors.”