Ponchatoula man accused in $11 million Ponzi scheme
A man from Ponchatoula was arrested Thursday accused of bilking at least 200 investors out of $11 million.
William Chaucer, Jr. faces 20 counts each of felony theft, operating as an unregistered investment advisor and other charges.
The Louisiana Attorney General's Office says Chaucer told people he would invest their money in one of his loan companies, but in reality, he used it to pay for an extravagant lifestyle.
Chaucer is the principal of Chaucer Holding Company, Chaucer Financial Services, American Credit of Hammond, American Credit of Covington, and City Credit of Ponchatoula.
The attorney general says Chaucer spent $400,000 on Mardi Gras krewe memberships and expenses, $5,500 in plastic surgery and $11,800 in cosmetic dental work for his wife, Cheryl Chaucer.
William Chaucer, Jr. is also accused of spending $5,550 for tickets to and ads for the Senior America, Inc. pageant contest in which his wife was a participant, and thousands more on jewelry and outfits associated with her beauty pageant events.
He is being held in the Tangipahoa Parish Prison. Bond has not been set.