What New Developments In Arizona?

Fraud, it seems:

A Mohave County developer and his family are being accused of bilking $20 million from 460 investors in a scheme that federal authorities say lasted almost 20 years.

...The judge said Hoover, who is a licensed attorney in California, is "willing and able to engage in significant patterns and practices of criminal deception."

...According to the indictment, Hoover created nearly two dozen companies that he used to solicit money from Arizona and California investors for bogus real-estate developments beginning in 1997. Several investors were widows who, authorities said, gave Hoover control of the bulk of their estates based on his friendship with their families and because of the trust he developed as an attorney.

...Hoover had investors liquidate retirement accounts, life-insurance policies, mutual funds and securities, and Social Security death benefits, according to the indictment.

Hoover used investor money to pay some expenses at the country club, but most went for his living expenses, according to the indictment. Among those expenses were a multimillion-dollar home and a condominium in Newport Beach, Calif.; the apartment in Paris; a $150,000 Bentley Flying Spur and other high-end automobiles; jewelry; artwork; furnishings; and French school for his daughter. Authorities also said Hoover took vacations disguised as business trips to Hawaii, China, South America and Europe.

Authorities said that when Hoover ran out of money, he and his son refinanced properties with false representations about salary, assets, liabilities, employment and sources of down payments. Then, he and his wife filed bankruptcy while hiding assets, authorities said.