SAN FRANCISCO, Calif. – Former Cornwall alderman William Wise has been ordered to pay back the money he swindled through a massive Ponzi scheme.
A judge made the order Jan. 20, 2015 for Wise to pay restitution of $100,222,354.23, after the $1,800 special assessment order is paid.
That special assessment judgment was made in Feb. 4, 2015.
The restitution order came despite an attempt by Wise’s lawyer to stay the order.
Wise is currently serving a 22 year prison sentence for his part in a Ponzi scheme that defrauded more than 1,200 people out of millions of dollars.
While he’s in prison, the former Cornwall Royals owner has to pay a minimum of $25 every three months, which is being held by the court.
The Internal Revenue Service (IRS) also has to meet with Wise’s lawyer and the probation officer to work out a plan to pay back the government’s $1 million loss.
Wise 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.