Millennium Bank $68 Mill Ponzi Scheme Uncovered
Another Ponzi scheme has been uncovered by the Securities and Exchange Commission (SEC). This time it’s the Caribbean-based Millennium Bank who misled customers in believing that they were depositing money in safe and secure CDs with returns of up to 321% higher than legitimate bank CDs.
Below is an excerpt from the press release.
“The Securities and Exchange Commission has obtained an emergency court order halting a $68 million Ponzi scheme involving the sale of fictitious high-yield certificates of deposit (CDs) by Caribbean-based Millennium Bank.
The SEC alleges that the scheme targeted U.S. investors and misled them into believing they were putting their money in supposedly safe and secure CDs that purportedly offered returns that were up to 321 percent higher than legitimate bank-issued CDs.
The SEC’s complaint alleges that William J. Wise of Raleigh, N.C., and Kristi M. Hoegel of Napa, Calif., orchestrated the scheme through Millennium Bank, its Geneva, Switzerland-based parent United Trust of Switzerland S.A., and U.S.-based affiliates UT of S, LLC and Millennium Financial Group. In addition to Wise and Kristi Hoegel and these entities, the SEC has charged Jacqueline S. Hoegel (who is the mother of Kristi Hoegel), Brijesh Chopra, and Philippe Angeloni for their roles in the scheme.”
For the complete press release visit www.sec.gov.
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8:16 pm on March 28th, 2009
I wonder how many uncovered Ponzi Schemes are still out there!
Patrick’s last blog post..2009 Will Be Bad Year for Cellular Handset Sales Worldwide
12:55 pm on July 29th, 2009
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7:08 pm on October 4th, 2009
[...] Millennium Bank $68 Mill Ponzi Scheme Uncovered [...]