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Ex-CPA indicted in Arizona Ponzi scheme

April 20, 2012 at 1:54 PM   |   Comments

SCOTTSDALE, Ariz., April 20 (UPI) -- A former Arizona accountant was indicted this week in an alleged Ponzi scheme that federal prosecutors said fleeced clients out of about $7 million.

Daniel Wise, 55, Scottsdale, faces 102 counts of fraud and money laundering in the alleged scheme, which involved making short-term, high-interest loans for real estate ventures in 2005-08.

The U.S. Attorney's office in Phoenix said in a written statement that Wise solicited some $66 million from investors to bankroll the loans; however, the loans were never made. Most of the funds were used to pay other investors with Wise allegedly skimming off $7 million for himself.

"This scheme serves as an unfortunate reminder that all investors, both novice and experienced, should exercise caution before committing their hard-earned money to investment opportunities that promise high-yield returns with little or no risk," said Acting U.S. Attorney Ann Birmingham Scheel.

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