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Arizona Concert Promoter Accused in Ponzi Scheme

• Mark Carlson & Bob Christie AP
By Mark Carlson and Bob Christie (The Associated Press) PHOENIX -- A suburban Phoenix concert promoter has been accused of running a Ponzi scheme that bilked approximately 140 investors out of $25 million, federal authorities said Thursday. A 37-count indictment charges Miko Dion Wady of Chandler with wire fraud and money laundering, the U.S. attorney's office in Phoenix said. The indictment was handed up on Dec. 1 but wasn't unsealed until after his arrest on Wednesday. According to the indictment, the 34-year-old Wady convinced victims he was promoting concerts or tours of top-tier acts such as The Rolling Stones and Barbra Streisand and needed the money to pay upfront costs.