SEC Halts Another Multi-Million Dollar Ponzi Scheme

March 26th, 2009		\| More
The SEC announced today that it used an emergency court order to halt a $68 million Ponzi scheme. The SEC alleges that William J. Wise of Raleigh, NC, and Kristi M. Hoegel of Napa, CA, ran the scheme that involved the sale of fictitious high-yield CDs through Caribbean-based Millennium Bank. According to the press release, the alleged scheme “targeted U.S. investors and misled them into believing they were putting their money in supposedly safe and secure CDs that purportedly…at least $68 million was raised from more than 375 investors since July 2004. Millennium Bank, a licensed St. Vincent and the Grenadines bank, solicited new investors for its CD program through blatant misrepresentations and glaring omissions in its online solicitations and in advertising campaigns targeting high net-worth individuals.”

See Press Release

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Firm	Assets*
Madoff Investments LLC	64,800
Stanford Financial Group	8,000
Petters Group Worldwide	3,500
Frankel International & Frankel Chemical	1,200
Satyam Computer Services	1,000
Westgate Capital Management, LLC	900
Capitol Investments USA, Inc	900
Dreier LLP	700
WG Trading Co	554
Weavering Capital	500
*Estimate of alleged Fraud/Investor Losses ($MM)