Jan.09, 2010, 6:45 PM ET, From: RTTNews

A promoter accused of making more than $25 million by booking fake concerts for the likes of Mariah Carey and Mary J. Blige has been indicted.

Miko Wady, who based his operation out of Arizona, has been charged with 37 counts of wire fraud and money laundering for creating a ponzi scheme that allegedly affected 140 victims.

The 34-year-old,Wady faces up to 20 years in prison on the wire fraud charges.

Wady, who spent $3 million in investors' money to buy things like a home, a boat and at least 30 cars, also invoked big names like 50 Cent, Jamie Foxx, U2 and the Rolling Stones as part of his con.