Miko Dion Wade of Dezert Heat Entertainment out of Arizona has been indicted on federal charges for allegedly cheating investors out of $25 million for promoting phony concerts. Other charges include money laundering and wire fraud.
Wade is accused of acting as a concert promoter for high-profile artists such as Mariah Carey, 50 Cent and G-Unit, Shakira and many others. According to court documents, Dion used the infamous Ponzi scheme to scam 140 investors to generate a large pay day.
Being promised compensation with substantial interest from ticket sale, investors stated they were never repaid and the investments were used for other purchases instead of promotion for the shows.
In support of his scam Wade produced fraudulent contracts, receipts and counterfeit checks that were used to book talent for the shows. It’s also noted that between 2004 and 2009, Wade promoted a total of 10 shows.
Authorities stated Wade used at least $3 million of profits from the scam to create an extravagant lifestyle, which included foreign cars, jewelry, several homes and a yacht.