A promoter in Arizona has been indicted on federal charges that he bilked investors out of over $25 million dollars, by promoting phony concerts.
Dezert Heat Entertainment is accused of acting like a promoter of concerts featuring artists like 50 Cent and G-Unit, Mariah Carey, Shakira, Faith Hill, Tim McGraw and others.
According to the federal complaint, Miko Dion Wady scammed 140 investors out of the $25 million using a sophisticated Ponzi scheme.
Investors claim that they would be repaid with substantial interest from ticket revenues, but they were never compensated and the investments were never used to promote concerts.
The investors 37-count indictment claims that they were victims of an elaborate a scheme headed by Wade, who simply repaid them with money from earlier investors, until the scheme collapsed.
Wade would produce fake insurance receipts, bogus contracts and copies of fraudulent certified checks that were supposedly issued to book various talent and entertainers.
Federal officials claim that Wade only promoted 10 concerts between 2004 and 2009.
The indictment claims Wade used at least $3 million of the investors money to finance a lavish lifestyle that included a fleet of luxury cars, a boat, jet skis jewelry, and multiple homes.
Federal authorities also charged Wade with money laundering and wire fraud.
Source: AllHipHop
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