PONCHATOULA, La. -- Tangipahoa deputies arrested a financial investor Thursday and charged him with 80 felony counts.
The State Attorney General's Office says 60-year old Bill Chaucer ran a ponzi scheme, and stole more than $11 million dollars from more than 200 investors. Tangipahoa District Attorney Scott Perrilloux said he used the money to finance an extravagant lifestyle.
"We have some people who have suffered great financial loss in our area as a result of his conduct," Perilloux said.
Perrilloux said many of the investors live in Tangipahoa Parish, but others come from St. Tammany, New Orleans and Baton Rouge. He said Chaucer's investment business operated legally for years, then turned illegal.
"Chaucer had been in business for a number of years, without any complaints and something happened, where he was diverting this money he was raising, and this was, we believe, nothing more than a ponzi scheme operated in the context of a finance business," Perrilloux said.
Chaucer is charged with 60 counts related to securities, which include unregistered sales and making misrepresentations, and 20 counts of felony theft. The counts could add up to more than 500 years in prison.
The State Attorney General's Office says Chaucer spent the money on Mardi Gras krewe memberships, plastic surgery, jewelry and for Cheryl Chaucer's participation in senior beauty pageants.
"Let me just put it to you this way," said Tangipahoa attorney Sam Dileo, "I've been to lots of parties in my life, even a party at the White House or two occassionally, I've never seen parties like this."
Dileo is a victim in the case, and he represents more than 20 other victims. He told Eyewitness News Thursday, he attended Chaucer parties, which in recent years, grew more elaborate.
"Very expensive champagne, very expensive liquor," Dileo said. "Everything monogrammed. Gifts when you went in, gifts when you went out."
Scott Perrilloux wouldn't say Thursday if Cheryl Chaucer would also be arrested and charged.
David Caldwell, the director of the Attorney General's Public Corruption Unit, said his office will try to find and seize Chaucer's assets, but he may not have many.
"Unfortunately, in this case, as in a lot of the other cases the answer that you have at the end of the day is not a very happy, not a very happy ending," Caldwell said.
Dileo said, for now, he'll wait for criminal charges to play out, but he knows he and other investors may lose everything.
"My expectation right now is not very good," Dileo said.
Investigators said the investigation is on-going, and more charges could be coming. Chaucer's bond hearing is Friday.
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