Call Now For a Free Consultation:
(614) 532-4576
Nationwide Representation

Two Indicted in Alleged $75 Million Napa Ponzi Scheme

Jacqueline Hoegel and William Wise have been charged with running a Ponzi scheme that affected 1000 investors and took in an alleged $75 million. They were indicted on Wednesday, February 29th, by a federal grand jury in San Francisco. The pair was indicted on 23 counts, including mail fraud and wire fraud.According to allegations, Wise controlled three supposed banks, one of which was Millennium Bank. Millennium Bank had offices in Napa and was apparently run mostly by Hoegel. The pair offered certificates of deposit to investors, which were allegedly fraudulent.According to the indictment, the pair brought in investors with promises of lucrative overseas investments that could bring in returns of 16% annually. Instead, the pair allegedly used the cash taken in from investors to run a Ponzi scheme by paying off previously issued certificates of deposit and pocketing the rest.Although Hoegel was arrested and transferred to Sacramento, Wise is thought to still be in Canada. A warrant has been issued for his arrest, but no further information is available at this time. Hoegel said in an earlier interview that she was unaware of the Ponzi scheme and had known Wise for many years. She stated at that time that “I don’t feel guilty. I feel horrible. My heart bleeds for these people.” If you have sustained losses in a Ponzi scheme or due to stockbroker misconduct, contact an experienced securities fraud lawyer with Meyer Wilson today to discuss your situation and learn more about your options for recovering losses. We have successfully represented hundreds of harmed investors nationwide in stockbroker mediation, arbitration, and litigation, and we look forward to working with you.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation
Atlanta Office

945 East Paces Ferry Road, Suite 2275
Atlanta, GA 30326
Columbus Office

305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram