The Securities and Exchange Commission has revoked the license of an Arizona CPA and filed charges accusing him of running a $67 million Ponzi scheme.

Dan Wise has been accused of defrauding approximately 125 investors, including friends, family members and accounting clients, out of the money. He claimed he was investing their funds in short-term real estate-backed loans with returns of between 12 and 22 percent. He told investors they could be repaid within 48 hours. Wise allegedly encouraged his clients to withdraw money from their individual retirement accounts and home equity loans to invest in the scheme.

The SEC issued an order of suspension against the Scottsdale, Ariz.-based CPA, suspending his right to appear or practice before the commission. The order noted that the Arizona Board of Accountancy revoked Wise’s CPA license on Dec. 10, 2008. The board accused him of violating ethics rules and misappropriating tax payments that were supposed to go to the Internal Revenue Service.

Last November, several of Wise’s defrauded investors filed an involuntary bankruptcy proceeding against him and one of his companies, Whispering Winds Properties, claiming he had defrauded them out of more than $79 million. Wise pleaded the Fifth Amendment in bankruptcy proceedings in February.

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