Millennium Bank CD Hawkers Hit With Criminal Charges

Law360, New York (February 29, 2012, 5:01 PM EST) -- Federal prosecutors in San Francisco on Tuesday unsealed an indictment against two suspects who sold certificates of deposit for Millennium Bank, claiming they operated a $130 million Ponzi scheme that caused investors to lose more than $75 million.

The 23-count indictment charges William Wise, formerly a resident of Raleigh, N.C., and Jacquline Hoegel, of American Canyon, Calif., with conspiracy, mail fraud and wire fraud conducted from 2004 until March 2009.

The CDs issued by Millennium Bank and its affiliates promised investors guaranteed rates of return —...
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