William J Wells Pleads Guilty

According to the US Attorney, SDNY, , Mr. Wells fooled about 30 family and friends in his investing company called Promitor Capital that lost 1.5 million dollars. He lied to people about his investment returns. He took money from one person to pay back another person. He is a typical ponzi schemer.

River Vale, NJ had a ponzi schemer...

See story here...https://www.justice.gov/usao-sdny/pr/man-pleads-guilty-manhattan-federal-court-connection-fraud-scheme .

He basically used the  money on himself, to pay credit card bills, private tuition, automobile expense.

He did plead guilty and that goes in his favor. He needs to show a lot of remorse at sentencing. How much time will he get? He can get up to 20 years per statute but I think he will get between 1 and 5 years. This is based on me asking people in jail what their crime was and how much time they got.

To see what he is looking forward to in prison, go here....http://www.amazon.com/gp/product/B011GTWLOG