Chandler man gets 2 years for helping Ponzi scheme

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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.