- Associated Press - Friday, February 6, 2015

SAN FRANCISCO (AP) - A federal judge in San Francisco has sentenced a banker who admitted defrauding hundreds of investors out of more than $75 million in a Ponzi scheme to more than 21 years in prison.

The San Francisco Chronicle reports (https://bit.ly/1LX47F1) U.S. District Judge Edward Chen on Wednesday sentenced William Wise to 21 years and 10 months in prison.

The 64-year-old Canadian citizen has been in custody since April 2012, when he surrendered to authorities in San Francisco. He used to live in Raleigh, North Carolina.

Prosecutors say Wise and co-defendant Jacqueline Hoegel, who ran their investment office in Napa, sold $129.5 million in securities of deposit from 2004 to 2009 and promised a 16 percent rate of return to more than 1,200 investors.


Information from: The San Francisco Chronicle, https://www.sfgate.com

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