facebook
twitter
rss
account
search
search
 

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.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Russia prepares militarization of Arctic Russia prepares militarization of Arctic
2
Freedom variant LCS takes to water Freedom variant LCS takes to water
3
New Pa. law aimed at Mumia Abu-Jamal allows lawsuits against inmates New Pa. law aimed at Mumia Abu-Jamal allows lawsuits against inmates
4
Toyota, Honda, Mazda, BMW, Nissan and GM all affected by defective airbag recall Toyota, Honda, Mazda, BMW, Nissan and GM all affected by defective airbag recall
5
79-year-old woman survives in desert for 5 days 79-year-old woman survives in desert for 5 days
Trending News
Around the Web
x
Feedback