A California federal judge upheld the 21-year prison sentence for the Ponzi mastermind William Wise of a $130 million Ponzi scheme, involving fraudulent certificates of deposit from Millennium Bank, rejecting his argument that an attorney took on the case in order to “curry favor” from a now-appointed state judge.
William Wise was convicted last year of orchestrating a scheme that defrauded more than 1,200 investors through the offering of fraudulent certificates of deposit (CDs). Wise, who once operated Millennium Bank, scammed investors by offering products that would offer rates of return 321% higher than other banks’ CDs. As a result of his scheme, he personally profited more than $50 million.
Wise argued that his former attorney had several conflicts of interest and that his sentence should be tossed. Wise also argued that his trial attorney failed to adequately research his case, tantamount to deficient representation. While the judge said failing to prepare could lead to ineffectiveness of counsel, in this case it would not have changed the outcome of the case for several reasons.
For starters, Wise failed to point out anything that would’ve strengthened his case during plea bargaining. Further, he had an incentive to plead guilty to save a deal to allow him to return home to Canada, and finally, because the court would have been unlikely to agree to a lower sentence, since the agreement called for the lowest sentence stipulated by sentencing guidelines.
Call a Los Angeles Securities Fraud Attorney Today
If you invested with Ponzi mastermind William Wise or Millennium Bank, you may have certain legal rights that require your immediate attention.
Contact an experienced Los Angeles securities fraud attorney today for a consultation to discuss your rights and options.