A promoter in Arizona is facing prison time after being indicted of creating a Ponzi scheme and making over $25 million by booking fake concerts for a number of artists including 50 Cent, Mary J. Blige, U2, The Rolling Stones and Jamie Foxx.
34-year-old Miko Wady was charged with 37-counts of wire fraud and money laundering and appeared in front of a federal judge Thursday.
According to court documents, between 2004 and 2007, he used $3 million dollars paid to him by investors to live a lavish lifestyle. Prosecutors believe he used the money to purchase at least 30 vehicles for himself and others including a Lamborghini, Ferrari and a Bentley. He also bought a $175,000 luxury boat and a $800,000 home.
He is believed to have only actually promoted around 10 concerts in the three year period.
After police discovered the scam, the total amount owed to his 140 victims totaled around $25 million.
If convicted of wire fraud, he could receive up to 20 years in prison and a $250,000 fine. The transactional money laundering charge carries a 10 year sentence and a $250,000 fine as well.
Source: Hip Hop Wierd
