William Chaucer Arrested for Alleged Ponzi Scheme

Based on a joint investigation conducted by the Office of Financial Institutions and the Louisiana Attorney General’s Office, William Chaucer of Ponchatoula was arrested November 19, 2009, and charged with 20 counts each of felony theft, sale of unregistered securities, and making material misrepresentations in the sale of securities. Chaucer will be prosecuted by the Tangipahoa Parish District Attorney. Chaucer was the principal of Chaucer Holding Company and owned several finance companies in Hammond, Covington, and Ponchatoula. Chaucer sold debentures to approximately 200 individuals totaling over $11 million, promising high rates of return. Investors were told that their money would be used to fund the finance company operations. Instead, Chaucer allegedly misappropriated funds for personal use and paid investor returns out of debenture investments, indicative of a Ponzi scheme.