Millennium Bank Ran $68M Ponzi Scheme: SEC

Law360, New York (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...
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