A Chandler concert promoter is accused of running a Ponzi scheme that bilked approximately 140 victim investors out of $25 million in investment loans.
The U.S. Attorney’s Office in Phoenix said a 37-count indictment charges 34-year-old Miko Dion Wady with Wire Fraud and Transactional Money Laundering.
Wady is accused of misleading victim investors into believing he had entered into performance contracts and other business arrangements with nationally and internationally known entertainers.
The indictment said Wady appears to have actually promoted fewer than 10 concerts, all involving only local or lesser known artists.
It is alleged that between 2004 through March 2007, Wady used no less than $3 million dollars
of victim investor funds to pay for a lavish personal lifestyle without returning anything to victim investors.
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