Fake Promoter Sentenced
An Arizona man who pleaded guilty in February to ripping off hundreds of investors with a Ponzi scheme that took in millions was sentenced by a judge to nine years in prison Nov. 14.
Miko Dion Wady was ordered to repay more than $30 million, perform 250 hours of community service and to forfeit a yacht, Ferrari, jewelry, guns, a fifth-wheel trailer and more than $100,000 in cash and accounts.
Wady pleaded guilty to 10 counts of money laundering and wire fraud stemming from a scheme he operated from 2004 through 2007.
Wady, using the business name Dezert Heat Entertainment, claimed to promote top-name artists such as The Rolling Stones, Barbra Streisand, U2, Mariah Carey and many others to secure financing.
Wady and associates he recruited to line up investors collected more than $50 million while promising returns of 4 percent. They returned about half the money to investors, authorities said.