Chandler man gets 2 years for helping Ponzi schemePosted: Updated:
PHOENIX (AP) -- A man who helped a suburban Phoenix concert promoter raise money for a Ponzi scheme that bilked investors out of $25 million has been sentenced to two years in federal prison.
James Cundiff of Chandler was also ordered to pay more than $300,000 in restitution at Monday's sentencing.
The 61-year-old pleaded guilty in November to a money laundering charge.
Cundiff raised money for a scheme run by Miko Dion Wady and withdrew cash after he realized Wady, 35, was running a scam and turned him into the FBI.
Wady is to be sentenced in May after pleading guilty to 10 money felony counts.
Wady told investors he promoting top-tier acts like the Rolling Stones but was using the money to pay previous investors and support his own lavish lifestyle.