A former Scottsdale certified public accountant has been convicted of operating a $66 million ponzi scheme.
On Monday, the jury found Daniel Wise guilty of 22 counts of theft and eight counts of fraudulent schemes and artifices, according to court officials.
Now the jury will decide if there were aggravating factors in the case.
The indictment alleged Wise fraudulently induced 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.
Detectives said he used a web of bank accounts and entities from June 2005 to December 2008 to deceive his clients.
The indictment alleges that Wise siphoned off about $7 million from his victims for his personal use.
Copyright 2013 CBS 5 (KPHO Broadcasting Corporation). All rights reserved. The Associated Press contributed to this report.
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