It’s not looking good for William J. Chaucer Jr.’s reign as King of Zeus in 2010.
Investigators with the Louisiana Attorney General’s Office along with the Tangipahoa Parish Sheriff’s Office arrested the Ponchatoula man today for allegedly creating a Ponzi scheme they say has cost at least 200 investors over $11 million dollars. The arrest is the result of a joint investigation between the AG’s Special Prosecutions Unit and Louisiana Office of Financial Institutions and was conducted under the supervision of 21st Judicial District Attorney Scott Perrilloux.
Chaucer was arrested on 20 counts each of the following: felony theft, unregistered dealer/salesman/investment advisor in the sale of securities, sales of unregistered securities, and making material misrepresentations in the sale of a security. He was booked into Tangipahoa Parish Prison; bond has not been set.
Chaucer is the principal of Chaucer Holding Company and finance companies Chaucer Financial Services, American Credit of Hammond, American Credit of Covington, and City Credit of Ponchatoula.
The AG says Chaucer told individual investors their money would be invested to fund one of his loan companies, but in fact, the vast majority of their money was used to finance Chaucer and his wife's extravagant lifestyle. Investigators claim investors unwittingly paid for more than $400,000 worth of Mardi Gras krewe memberships and krewe related expenses for the Chaucers, $5,500 in plastic surgery and $11,800 in cosmetic dental work for Cheryl Chaucer, $5,558 for tickets to and ads for the Senior America, Inc. pageant contest in which Mrs. Chaucer was a participant, $14,275.74 in miscellaneous photos, $20,905.74 in jewelry, and thousands more dollars associated with Mrs. Chaucer’s participation in beauty pageant events.
Chaucer closed his finance companies’ business operations in September 2009. Since then, none of the investors, whose individual investments ranged from $10,000 to $417,000, have received any funds from Chaucer or his companies. Since August, area residents and alleged victims have been posting comments to a glowing feature of the businessman in Sophisticated Woman magazine. The Northshore magazine also did a feature on Cheryl Chaucer titled "A True Louisiana Treasure."
The AG says several investors reported that requests to Chaucer to liquidate their assets and have their money returned were rejected.
DA Perrilloux will handle the prosecution of this case.
It wouldn’t be a first, however, as the Chamber has thrown money behind Landrieu before.
The Democratic incumbent, seeking her fourth term in office, is a strong supporter of the Export-Import Bank, which helps finance exports of U.S. companies.
Summertime floral with panache
Three bedroom St. Martinville traditional or three bedroom Lafayette contemporary cottage
Acadiana's nightlife guide.
The world is a politically tense place these days with hot spots ranging from the Middle East to Ukraine. In Louisiana and Mississippi, where the political chessboard tends to be a lot less threatening and at times entertaining, this election season is living up to expectations.
As this year’s budget process slogs forward and the Lafayette Parish School Board maintains its hard-headed stance against using any of its more than $60 million reserve fund, another slate of critical programs have rolled through the chopping block, despite the ramifications for the school system.
Meat, cheese and veggies piled high on Texas toast
American companies export smog; UN calls for cease-fire in Gaza; fist bump keeps germ transfer down and more national and international news for Monday, July 28, 2014.
Monday's Blogs from the Bog!
Louisiana has joined nine other states in support of Indiana’s appeal of a federal judge’s ruling that the Hoosier State’s ban on sam-sex marriage violates the Constitution.
The eclectic vibe of summer
Three bedroom River Ranch cottage or four bedroom Youngsville traditional home
The parent of Investar Bank says its second-quarter earnings fell to $1.1 million or 26 cents a share from $1.7 million of 44 cents a share in the same period a year ago.
1,554 rigs were exploring for oil and 315 for gas. Two were listed as miscellaneous. A year ago there were 1,770 active rigs.
The Saints are being cautious in an effort to minimize risk of re-injury.
Most personal auto insurance policies exclude coverage when people charge money to drive others in their personal vehicles.
In this letter to the editor, Lafayette Parish School Board member Shelton Cobb (the board's former president) weighs in on the difficulty behind this year's budget process, calling out a number of his fellow board members over their inability to drop their power struggle with the superintendent and make the interests of the students a top priority.
Acadiana's nightlife guide.
LSU Health Sciences Center says people with a common, hard-to-treat kind of lung cancer can join a new national trial to test drugs faster.
As New Orleans Saints coach Sean Payton and general manager Mickey Loomis spoke about the opening of training camp, steep, tree-covered mountains were in full view behind them.
The family of fallen cyclist Lon Lomas is speaking out after the release this week of the man charged with his death.
"The solutions are obvious: undo consolidation, or amend the charter to make this hybrid attempt at a new form of government work better."
A refreshing twist at a Lafayette institution comes served with a black bean salad stuffed avocado
Louisiana's 21 casinos took in $203.5 million statewide in June, edging up one-half of a percentage point from a year earlier.
Three bedroom Sunset Victorian or three bedroom Opelousas Acadian home
Louisiana designer commissioned for NYC Awards gift
The Board of Elementary and Secondary Education is considering whether to get involved in a lawsuit against Gov. Bobby Jindal for his attempts to undermine use of the Common Core education standards in Louisiana's public schools.
Business First Bank has announced plans for a Baton Rouge market expansion through a merger deal with American Gateway Financial Corp.
Acadiana's nightlife guide.