Ponzi schemist facing up to 500 years

Friday, November 20, 2009 - 6:43pm

PONCHATOULA - The Tangipahoa district attorney says a man could be sentenced to 500 years behind bars for allegedly running an 11- million dollar ponzi scheme.

Investigators say 60-year-old William Chaucer Jr., has been taking money from about 200 victims.

They say it's been happening for as long as 20 years.

Chaucer is said to have taken money from his clients and spent it on Mardi Gras Krewe memberships.

Officials say he spent the money on things like surgery and clothing for his wife.

The district attorney says some clients are left with almost nothing.

Chaucer was arrested Thursday morning and a bond hearing was set for Friday.