Millennium Bank
In March of 2009, U.S. regulators halted an alleged $68 million Ponzi Scheme that operated under the name of Millennium Bank. Millennium Bank described itself as a subsidiary of the United Trust of Switzerland SA and marketed certificates of deposits (CODs) with above average returns to wealthy investors. According to the SEC, Millennium Bank fraudulently marketed these offshore CODs and made “blatant misrepresentations and glaring omissions.”
Zamansky & Associates is investigating potential third-parties, which may have aided and abetted the alleged perpetrators of the Millennium Bank Ponzi Scheme. According to reports, the Millennium Bank Ponzi Scheme was orchestrated by William Wise and Kristi Hoegel and the SEC’s complaint also names Jacqueline Hoegel, among others.
Millennium Bank customers were told to send checks to an offshore Caribbean bank, however the SEC contends that the money was later deposited into a single Washington Mutual Inc. bank account opened in Las Vegas by the Hoegels. Further, the SEC contends that this money “was misappropriated” in order to enrich William Wise and the Hoegels and pay personal expenses.
It is highly unlikely that the Millennium Bank Ponzi Scheme could have been orchestrated without the participation of major financial institutions, which commonly are used to provide fraudulent schemes with legitimacy. Zamansky & Associates is investigating whether several major banking institutions in the U.S. may have helped William Wise, Kristi Hoegel and others allegedly steal $68 million.
These institutions could be held liable for damages and be sued by investors.