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.