SAN FRANCISCO, Calif. – A former Cornwall alderman and owner of the former OHL’s Cornwall Royals has been sentenced to 22 years in prison.
William Wise was sentenced for his part in a Ponzi scheme that defrauded more than 1,200 people out of more than $75 million U.S.
He had earlier pleaded guilty in September 2012 to 17 counts of major fraud and conspiracy tied to the sale of certificates of deposit associated with offshore banks.
Wise, 64, will be on three years probation after his sentence. He would be 84-years-old if he serves the entire sentence.
The former alderman also has to pay $1,800 in a so-called “special assessment” right away and a restitution hearing has been scheduled for April 22, 2015 in a California court.
The court is recommending Wise serve his sentence in a federal prison in Miami or Butner, North Carolina (the same facility noted for housing Bernie Madoff, convicted in the largest Ponzi scheme in U.S. history).