Financier Accused In Ponzi Scheme Surrenders In CA

A fugitive financier charged with bilking investors out of more than $129 million has turned himself in to federal authorities in San Francisco.

William Wise and Jacquline Hoegel of American Canyon are accused of running a Ponzi scheme in which victims believed they would get high returns on phony certificates of deposits issued by his bank.

The Raleigh News & Observer reports that Wise faces as many as 100 years in prison based on a 17-count indictment filed in February.

Richard Ropert, a Texas lawyer who acted as receiver in Wise's civil case, told the newspaper that the financier surrendered in California.

Wise used to live in Raleigh, but disappeared in March 2009, just as state and federal investigators went to his home to seize records and property.

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