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Ten indicted in alleged Ponzi scheme

Wednesday, May 5, 1999 | 11:24 a.m.

Ten people, including the two principals that operated the Sterling Group in Las Vegas in 1997 and 1998, were indicted by a federal grand jury.

Prosecutors on Tuesday said Michael and Denyse Anderson and eight others were formally charged with conspiracy, money laundering, mail fraud and securities fraud in a 119-count indictment that culminated a year-long federal and state investigation.

The Sterling Group was accused of selling investment contracts called media units with the proceeds of the sales going to purchase television commercial time to advertise and sell products to generate profits for purchasers of the media units.

The indictment said the Sterling Group persuaded investors to buy $34 million worth of the units.

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