Man Indicted for Ponzi Scheme Fraud

William Wells, who pleaded guilty on securities wire fraud charges earlier this year, was sentenced Tuesday in Manhattan federal court to 46 months in prison. Wells, formerly of Manhattan and New Jersey, was ordered to pay restitution as well, in a yet-to-be-determined amount, forfeit the proceeds of his scheme and undergo three years of supervised release, according to a press release issued by the US Attorney for the Southern District of New York. Wells used his company, investment firm Promitor Capital LLC, to defraud more than 30 investors out of $1.5 million. The investors included his family, friends and colleagues. He convinced them to invest with him by telling them he had consistently achieved positive returns in the stock market. He then used their money to pay for credit card bills, car payments and private school tuition. Wells was charged after an investigation led by the office’s Securities and Commodities Fraud Task Force, with assistance from the Federal Bureau of Investigation and the US Securities and Exchange Commission.

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