Caribbean Second Ponzi Scheme By American Revealed

http://www.caribbeannetnews.com

Details are emerging of how an American banker, accused of operating a multi-million dollar scheme which he fronted as the Millennium Bank of St Vincent and the Grenadines, spent the money he allegedly swindled from investors on expensive property and on the upkeep of his wife and mistresses.

Documents submitted by prosecutors show that William Wise, 58, did not make any investments with the money he received from investors.

Instead, it has been alleged, he used as much as US$7 million to buy an estate in the Caribbean island where the offshore bank was said to be based; spent US$1 million on wine; US$40,000 a month on interest for a private plane; paid US$12,000 weekly to his wife; and gave an unknown number of female companions between US$6,000 and US$10,000 every month.