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Serial fraudster pleads guilty to investment advisor fraud and money laundering

9/9/2016 4:24:22 PM

SAINT PAUL – Minnesota Commerce Commissioner Mike Rothman announced that Randy Miland, 62, of White Bear Lake, has pleaded guilty to operating a Ponzi scheme in which he stole or attempted to steal more than $500,000 from purported investors. 

Miland pleaded guilty to mail fraud and money laundering before U.S. District Judge Wilhelmina M. Wright in U.S. District Court in Saint Paul. 

“Randy Miland is a serial scam artist who has had a long career of defrauding his victims with false claims that he would use their money for legitimate investments,” said Rothman. “He may once have worked as a chiropractor, but his real profession has been operating Ponzi schemes to steal people’s money. The Commerce Fraud Bureau worked with federal authorities to stop Miland’s criminal activities and prevent even more Minnesotans from being ripped off by him.”

“Today's guilty plea of Randy Miland demonstrates how law enforcement cooperatively works together to help put an end to the criminal behavior of those who prey on investors for their personal financial gain,” said Special Agent in Charge Shea Jones of St. Paul Field Office IRS Criminal Investigation. “IRS Special Agents will continue to use their financial expertise to identify and trace laundered funds in these types of investor fraud schemes.”

“Despite two prior convictions, Randy Miland continued to steal from friends and acquaintances through lies and misrepresentations,” said Assistant United States Attorney Joseph H. Thompson. “The Minnesota Department of Commerce and Criminal Investigation Division of the IRS worked together to investigate this case and put an end to Miland’s fraudulent conduct.”  

According to Miland’s guilty plea, between 2010 and 2014, he fraudulently solicited approximately $575,000 from investors, telling them that he would use their money to invest in futures and other legitimate investments. Instead, he used their money to pay personal expenses, including court-ordered restitution to victims of his prior scams, and to make Ponzi-type payments to other purported investors.

Miland concealed from the new victims that he had been twice convicted of fraudulent conduct, that he was forbidden by the Minnesota Department of Commerce from offering or selling securities, and that he still owed more than $1.5 million in restitution to victims of prior schemes.

Miland was convicted in 1999 in state court of theft by swindle and ordered to pay more than $1.5 million in restitution to the victims of his scheme. As of May 2016, he still owed nearly the entire amount to the victims. 

Miland was convicted in 2006 in federal court of fraud and ordered to pay more than $250,000 in restitution to the victims. As of May 2016, he owed approximately $124,000 in restitution.

This case is the result of an investigation conducted by the Criminal Investigation Division of the IRS and the Minnesota Department of Commerce Fraud Bureau.

Defendant Information


White Bear Lake, Minn.


  1. Mail fraud, 1 count
  2. Money laundering, 1 count

Commerce is here to help

If you have a question or concern about a possible scam or fraud, contact the Minnesota Commerce Department’s Consumer Services Center by email at or by phone at 651-539-1600 or 800-657-3602 (Greater Minnesota).

Media Contact:
Ross Corson
Director of Communications
Minnesota Department of Commerce
P: 651-539-1463 | C: 651-368-5050 |


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