The Associated Press March 8, 2011, 11:06AM ET

PHOENIX

http://www.businessweek.com/ap/financialnews/D9LR58700.htm

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 35-year-old Miko Dion Wady and withdrew cash after he realized Wady was running a scam and turned him into the FBI.

Wady is to be sentenced in May after pleading guilty to 10 felony counts.

Wady told investors he was promoting top-tier acts like the Rolling Stones but was using the money to pay previous investors and support his own lavish lifestyle.