Prosecutors said that Wymer would be liable to repay clients who lost money if he goes back to work after prison. It was unclear how Wymer would ultimately pay the restitution. “He acted out of greed and he certainly lived a very lavish lifestyle as a result.” “He was robbing Peter to pay Paul,” said Asperger. His assets included 13 cars, four boats and properties in Newport Beach, New York City, Sun Valley, Idaho, and Palm Beach County, Fla. Wymer will likely receive a 20- to 25-year sentence at his sentencing hearing in January, prosecutors said.Īlthough Wymer claimed that most of his clients lost no money, prosecutors said he used investors’ funds to finance an opulent lifestyle. In his plea agreement Tuesday, which settles all federal criminal and civil charges against him, Wymer also agreed to forfeit assets worth up to $15 million and to cooperate with authorities in a continuing criminal probe of his former business associates. He was arrested in December and charged with 30 counts of various felonies. The Securities and Exchange Commission uncovered Wymer’s fraud, which amounted to a giant Ponzi scheme, last fall. “Unfortunately, my illegal activities have greatly hurt some of my clients, my wife, my daughter and my family.” “I am deeply sorry for and ashamed of what I have done,” Wymer said. At one point, Wymer’s voice cracked as he read his prepared remarks.
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