Admitted Ponzi Idiot Nabbed in NJ

Oct 3, 2015

A self-confessed “idiot” crook who perpetrated the sloppiest Ponzi scam in history has been arrested and charged in federal court for criminal fraud. 

Prosecutors told a judge Thursday that the “remarkably unsuccessful” fraudster -- William Wells of River Vale New Jersey -- bilked a few dozen friends and family members of $1.5-million in his stupidly brazen scheme.

“William Wells repeatedly lied to his investors, falsely claiming consistently positive returns, when in fact his trading was spectacularly unsuccessful,” they said, adding that, despite all his criminal maneuverings, he only netted himself about a grand.

“My explanation is that I’m an idiot and was trying to get some big trades to hit,” the defendant had texted one of his victim’s last spring, after the man demanded a payout and expressed concerns that Wells was a Ponzi scammer.

Wells now faces jail time for his badly-bungled fraud attempt, in addition to civil litigation.

Eponymous Rox

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