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Thread: Former OHL club owner ready to take his ‘lumps’ for Ponzi scheme
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[quote=MARRIE,463250]Wise, 62, says that since his Millennium Bank imploded in 2009, he has taken a hard look at himself, though he has a tendency to recount events using “we” rather than “I.” And he still believes there was some justification for using investor money to fund a lavish lifestyle that included a private jet and pilots, an extensive wine collection, boats, luxury automobiles and cash to his wife and women whose affection could be bought. The receiver appointed by the Securities and Exchange Commission (SEC) estimates that between 2004 and 2009, Wise and associates were spending approximately $22.5 million a year on themselves. “We were living very well because we wanted to keep up appearances,” says Wise. “Because we were such a small bank, it was very important that people felt comfortable.” As “the face of the bank,” he says it was important to be living the life of a bank executive — “another money drain, but necessary to get new investors, right connections, a legitimate enterprise.” While the receiver has found “no indication any investment took place,” Wise insists some money was invested toward the development of a private resort on the Caribbean Island where the bank was based. That’s where a $500,000 wine collection came into play. “Those wines? Yes, I did drink some, I’m not going to say I didn’t, (but) it was going to be a showcase,” he says, meant to impress potential clients — “Oprah Winfrey, Michael Jordan” types. [/quote]
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