CORNWALL, Ontario – While a former Cornwall alderman languishes in a U.S. prison he’ll have plenty of time to figure out how he’s going to pay back millions he bilked from clients.
Last month a judge in a San Francisco, Calif. courtroom ordered that William Wise, a former owner of the Cornwall Royals major junior hockey team, must pay back $100 million he stole from about 1,200 people.
In July of last year Wise’s legal team argued he should not have to pay back anything until after lawyers have had a chance to examine government filings. The government said at that time
About a year ago Wise was handed 22 years in prison after pleading guilty to a myriad of charges associated with a $130-million (U.S.) Ponzi scheme.
Just when, or even if, the victims can expect to see any money is still a matter of debate. Wise told the Toronto Star he has very little money “squirreled away.”
In the late 1990s, Wise moved to Raleigh, N.C., where he set up an offshore bank called Millennium Bank, which was licensed in St. Vincent and the Grenadines.
Wise entered a guilty plea in 2012 to several counts of fraud and conspiracy tied to the sale of so-called “certificates of deposit” associated with offshore banks.
The investors’ funds were not used for overseas investments that generated returns, but were instead primarily used to enrich Wise and to make interest payments to earlier purchasers.
