We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Millennium Bank Ran $68M Ponzi Scheme: SEC

Law360 (March 26, 2009, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission filed a lawsuit on Thursday alleging that Millennium Bank ran a $68 million Ponzi scheme that promised huge returns on certificates of deposit since July 2004.

According to a statement from the SEC, William J. Wise and Kristi M. Hoegel masterminded a scheme that promised investors in CDs issued by Millennium Bank would receive returns 321 percent higher than CDs issued by other banks. The scheme also included Millennium Bank's parent company, Geneva-based United Trust of Switzerland SA, and its...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.