Bilked Investors to Be Repaid $30.5 Million
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As agreed when he pleaded guilty in May, developer Donald H. Williams Jr. was sentenced Monday to three years in prison and ordered to repay $30.5 million to investors, many of whom were retirees who gave up nest eggs for promises of 15% annual returns.
Williams, 50, of Lake Forest, turned Hill Williams Income Funds into one of the state’s biggest Ponzi schemes targeted at elderly investors.
Assistant U.S. Atty. John Hueston said Williams agreed to repay 2,500 investors the $30.5 million.
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