Concert Financer Gets 2 Years For $50M Ponzi Plot

Law360, New York (March 8, 2011, 3:18 PM EST) -- An Arizona man whose investment firm helped a Ponzi schemer scam investors out of $50 million by falsely claiming to represent major music groups like the Rolling Stones and U2 was sentenced Monday to two years in prison.

James S. Cundiff was also hit with a $300,000 restitution penalty by Judge David G. Campbell of the U.S. District Court for the District of Arizona. Cundiff, 61, pled guilty to one count of transactional money laundering in November.

Cundiff's company, TransCapital LLC, was used by Arizona concert...
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