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Former Hoosier sentenced in Florida Ponzi case

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Former Indianapolis developer Sydney “Jack” Williams has been sentenced to one year in prison after pleading guilty in September to failing to report millions of dollars he received in commissions related to a Florida investment scheme.

Williams, of Naples, Fla., the founder of Indianapolis retail-center development firm Williams Realty Group, was sentenced Tuesday in a federal court in New Jersey. He also received one year of supervised release and was ordered to pay a $25,000 fine.

The charge of subscribing to a false tax return carried a maximum penalty of three years in prison and a fine of $250,000.

Williams admitted to failing to report $6.4 million in income from 2004 through 2007 that he earned from Miami Beach, Fla.-based Capitol Investments USA.

Its CEO, Nevin Shapiro, pleaded guilty in September 2010 to money laundering and securities fraud in what authorities called a $900 million Ponzi scheme. He was sentenced in June to 20 years in prison.

According to court papers, Williams earned a 10-percent commission on loans to Capitol from a group of Indiana and Florida businesspeople who believed they were investing in a Florida grocery-wholesaling business.

Many of the loans came from friends Williams met when he was a Sigma Chi at Ball State University .

Williams, who personally invested more than $10 million in the scheme, received more than $12 million for recruiting more than 60 people who invested $307 million with Capitol, according to a government press release.

Williams, however, was unaware that Shapiro or Capitol was engaged in fraud, the government said.
 

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  1. why oh why does this state continue to elect these people....do you wonder how much was graft out of the 3.8 billion?

  2. i too think this is a great idea. I think the vision and need is there as well. But also agree with Wendy that there may be better location in our city to fulfill this vision and help grow the sports of hockey and figure skating in Indy. Also to help further develop other parts of the city that seem often forgotten. Any of the other 6 townships out side of the three northernmost could benefit greatly from a facility and a vision like this. For a vision that sounds philanthropic, the location is appears more about the money. Would really like to see it elsewhere, but still wish the development the best of luck, as we can always use more ice in the city. As for the Ice growth when they return, if schedules can be coordinated with the Fuel, what could be better than to have high level hockey available to go see every weekend of the season? Good luck with the development and the return of the Ice.

  3. How many parking spaces do they have at Ironworks? Will residents have reserved spaces or will they have to troll for a space among the people that are there at Ruth Chris & Sangiovese?

  4. You do not get speeding ticket first time you speed and this is not first time Mr.Page has speed. One act should not define a man and this one act won't. He got off with a slap on the wrist. I agree with judge no person was injured by his actions. The state was robbed of money by paying too much rent for a building and that money could have been used for social services. The Page family maybe "generous" with their money but for most part all of it is dirty money that he obtained for sources that are not on the upright. Page is the kind of lawyer that gives lawyers a bad name. He paid off this judge like he has many other tine and walked away. Does he still have his license. I believe so. Hire him to get you confiscated drug money back. He will. It will cost you.

  5. I remain amazed at the level of expertise of the average Internet Television Executive. Obviously they have all the answers and know the business inside and out.

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