Mesa father and son convicted in Ponzi scheme
PHOENIX -- A Mesa father and son have been convicted of operating a $100 million Ponzi scheme that targeted the area's Mormon community.
Prosecutors said Tuesday that 66-year-old Brent F. Williams and 42-year-old Guy Andrew Williams both were found guilty by a federal jury in Phoenix on 38 counts of conspiracy, wire fraud, mail fraud and money laundering.
They're scheduled to be sentenced Sept. 30 along with two co-defendants who pleaded guilty in the case.
Authorities say Brent Williams was chief financial officer of Mesa-based Mathon investment funds while Guy Williams was managing director.
Evidence at trial showed that the Mathon entities collected more than $100 million in funds from investors from February 2002 until April 2005.
The defendants allegedly used investor money to pay themselves salaries of more than $10 million.