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Wise a defendant in $68M scheme
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Posted 1 day ago
The owner who moved the Cornwall Royals out of town is now in hot water for allegedly moving money around in an improper fashion.
William Wise has been named as a defendant in a $68-million Ponzi scheme involving the sale of bogus high-yield certificates of deposit (CDs) through the Caribbean-based Millennium Bank and its Swiss and U. S.-based affiliates.
A complaint released by the U. S. Securities and Exchange Commission says Wise, 58, of Raleigh, N. C., and Kristi Hoegel, 34, of Napa, Calif., raised at least $68 million from over 375 investors by claiming to offer CDs at higher-than-average interest rates through entities they control.
The SEC claims the investor funds "were diverted to the defendants and used for a variety of illegitimate purposes." According to the complaint, the majority of the $68 million was used for personal reasons, and small Ponzi payments were made to investors with recent deposits of new investors.
Of the $68 million, the SEC complaint alleges that Wise and/or his entities took in some $12.3 million, while another $1.68 million was transferred to his wife Lynn.
Wise's wife Lynn and several other individuals are named as relief defendants in the SEC complaint, and the commission is seeking an order compelling them to return funds and
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