CORNWALL, Ontario - The William Wise legal saga in California will continue for a few more months.
Wise was scheduled to be sentenced Sept. 11, but the court date has been pushed back to December because the judge was not available.
The former city alderman and junior hockey team owner pleaded guilty a year ago to bilking investors out of millions via a ponzi scheme.
Wise ran the $129.5-million scheme by selling fraudulent certificates of deposit to 1,200 people through various banking entities between 2004 and 2009.
Wise had been on the run from American authorities until he surrendered in April, 2012.
He pleaded guilty in September, 2012 to 18 counts of conspiracy, mail and wire fraud and tax evasion.
His sentencing has been delayed three times.
Wise is co-operating with the government to recover funds, his lawyer Paul Wolf told the Bloomberg news service.
“He is doing everything he can to make amends and put this right,” Wolf said.
Prosecutors said Wise and co-defendant Jacqueline Hoegel, who ran their investment office, sold $129.5 million in fraudulent certificates of deposit and promised a 16 per cent rate of return. They instead used investors' funds to pay off earlier investors and to make luxury purchases, including Wise's property on a Caribbean island, prosecutors said.