SCOTTSDALE, AZ - A former Scottsdale certified public accountant has been convicted in a fraud case that involved a Ponzi scheme.
Maricopa County prosecutors say a jury Monday found Danny Wise guilty of 22 counts of theft and eight counts of fraudulent schemes and artifices. Jurors now are deciding if there are aggravated factors.
Wise was accused of stealing money from his clients between April 2006 and May 2008.
He also was indicted for fraudulently inducing victims to invest $66 million with false promises of high-yield returns by making short-term, high-interest, hard-money loans in real estate ventures from June 2005 to December 2008.
Wise allegedly siphoned off about $7 million from his victims for his personal use.
He was originally scheduled to stand trial in September 2009, but was granted 10 continuances.