Ringleader of $5 million scam gets prison time
SANTA ANA, Calif. (AP) — A convicted ringleader of a $5 million scam that played out in Southern California was sentenced to more than four years in prison.
The Orange County Register reports Francis Wilde was sentenced to 51 months in prison Monday during a hearing at the federal courthouse in Santa Ana.
The U.S. Attorney’s Office says co-defendant Mark Gelazela received 41 months behind bars. A third co-defendant, Bruce Haglund, is scheduled to be sentenced on Feb. 12.
All three were convicted of felony wire fraud.
Federal prosecutors say investors victimized in the “high-yield prime bank” scheme were promised “astronomical returns,” but instead lost an estimated $5 million.
Prosecutors say the scheme was led by Wilde, who operated IDLYC Holdings Trust.
Information from: The Orange County Register, http://www.ocregister.com