This report regards James Cundiff (a.K.A. Jim Cundiff), a self-professed business advisor and corporate officer in a number of Mesa, Arizona companies including Business Growth Advisors and Transcapital.
For the past few years, Leona M. Blanche (a.K.A. Lee Blanche), through her company Nikki Holdings, and James (Jim) Cundiff, Adam Cundiff, and Jeremiah Cundiff, through their companies Business Growth Advisors and Transcapital, raised investor money for supposed concert promotions with Miko Dion Wady. The Cundiffs claimed the raised funds were to be used to fund concerts by artists such as Jimmy Buffett, Faith Hill, Pearl Jam, Billy Joel and many other top performing acts.investors were to receive interest payments on their short-term investment (between 60-90 days). For raising these funds, Lee Blanche and the Cundiffs stood to earn hundreds of thousands of dollars from the concert promotion scheme.
Lee Blanche, the Cundiffs, and Miko Wady all claimed that Miko Wady had been in the concert promotion business for 4 years and had promoted hundreds of concerts, never having lost money on an event. All told, approximately $30 million of individual investor money was raised by Blanche and the Cundiffs and forwarded to Miko Wady for investment in his supposed concert-promotion company Dezert Heat Worldwide and later to a joint-venture promotion company with the Cundiffs.
After many months passed in which the Cundiffs investors were not repaid their $30 million, the Cundiffs and Lee Blanche alleged that Miko Wady never promoted a concert with the investor funds and essentially embezzled the $30 million in an elaborate ponzi scheme. At this point it appears that approximately $30 million dollars of investor money may have been stolen by Miko Wady, and potentially the Cundiff family and Lee Blanche.
Lee Blanche and the Cundiffs claim that Miko Wady duped them by creating an elaborate ponzi scheme that resembled a legitimate concert promotion company, including employees, fake contracts with performance artists, and cashiers checks from banks that Wady would later cancel and keep the funds personally. While Miko Wady lived lavishly and has potentially embezzled millions of dollars, many hard working and honest people have lost millions of dollars. Some of the investors have had their financial lives ruined due to the devastating fraud by Miko Wady and the either 1) fraudulent involvement with Miko Wady by the Cundiffs and Lee Blanche, or 2) incompetence of Lee Blanche & the Cundiff family to blindly turn over $30 million dollars to Miko Wady without performing basic due diligence or implementing financial controls to ensure the concerts were indeed being funded (e.G. To contact the artists management directly to ensure the concerts were being funded).
Please do not do business with James (Jim) Cundiff in the future, as he has either directly embezzled millions of dollars from honest families with Miko Wady, or at a minimum has done nothing sufficient to return lost investor funds.
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