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Wildwood creditors get next to nothing

Tue, 26 Mar 2013 14:41:22 CDT
By: AP

Court records show creditors will receive pennies on the dollar in restitution from a Bloomington couple serving federal prison time for a $220 million Ponzi scheme. The couple, Gary and Toni Jo Wilder, once owned Wildwood Industries. They pleaded guilty and were sentenced in 2010 for their role in defrauding lenders of more than $213 million in a scheme that lasted nearly a decade. They had about $10.5 million in assets to repay more than $585 million in creditor claims. A trustee's report shows that many creditors will be paid less than 2 cents on the dollar. The trustee for the Wilders' personal bankruptcy case expects to mail $5.2 million in checks to 86 creditors. That's what's left after taxes and fees.

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