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Hedge fund founders face OSC charges A Canadian man has been accused of running a US$129.5 million Ponzi scheme in the U.S., and a warrant has been issued for his arrest. The U.S. Attorney for the Northern District of California, Melinda Haag, announced that a federal grand jury in San Francisco returned a 23-count indictment charging William Wise, a Canadian citizen, also formerly of Raleigh, NC, and Jacquline Hoegel, of American Canyon, Ca., with conspiracy, mail fraud, and wire fraud. Wise was also charged with money laundering, and Hoegel was charged with four counts of making and subscribing a false tax return, one count of obstruction, and one count of false statements. None of the allegations have been proven, and defendants are presumed innocent until proven guilty. The indictment was unsealed Wednesday after the arrest and initial appearance of Hoegel before a judge in Sacramento, she was released on bond. Wise is believed to be in Canada, and a warrant for his arrest has been issued. The U.S. attorney says that the charges stem from Wise and Hoegel’s operation of a massive Ponzi scheme by which they marketed and sold fraudulent certificates of deposit to more than 1,200 individuals who invested over US$129.5 million. As of March 2009, when the US Securities and Exchange Commission shut down the scheme, CD purchasers had lost more than US$75 million. The criminal charges follow a civil suit filed by the SEC in Texas. The maximum statutory penalty for each count of conspiracy, mail fraud, and wire fraud is 30 years, a fine of US$1 million, and restitution. The maximum statutory penalty for money laundering is 10 years, a fine of US$250,000, and restitution. Fraud in Canada continues to climb: StatsCan California fraudsman gets 10 years for $147M global investment scam Keywords Fraud James Langton Related news Facebook LinkedIn Twitter Share this article and your comments with peers on social media read more