Associated Press - February 24, 2011 4:34 PM ET

http://www.kswt.com/Global/story.asp?S=14136197

PHOENIX (AP) - A suburban Phoenix concert promoter accused of running a Ponzi scheme has pleaded guilty to multiple charges of money laundering and wire fraud.

Federal authorities claim Miko Dion Wady bilked approximately 140 investors out of $25 million.

Wady, of Chandler, pleaded guilty to 10 of 37 counts in an indictment earlier this week. As part of a plea bargain, he's required to pay restitution and cooperate with authorities. Wady also could be sentenced to as much as 11 years in prison.

According to the indictment, Wady convinced victims he was promoting concerts or tours of top-tier acts such as The Rolling Stones and Barbra Streisand and needed the money to pay upfront costs. His lawyer didn't immediately return a call seeking comment Thursday.