Concert Promoter Cops To $50M Ponzi Scheme

Law360, New York (February 25, 2011, 2:03 PM EST) -- An Arizona man who claimed to be a concert promoter for the Rolling Stones and U2 agreed to plead guilty Tuesday in federal court to operating a Ponzi scheme that bilked investors out of $50 million.

Miko Dion Wady will plead guilty to six counts of wire fraud and money laundering, charges that carry a maximum penalty of 150 years in prison and $2.5 million in fines, according to a plea agreement filed Tuesday in the U.S. District Court for the District of Arizona.

Prosecutors will...
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