DETROIT – The former financial analyst for ex-Detroit Red Wings star Sergei Fedorov has been indicted for a phony investment scheme that cost Fedorov $43 million.
While Fedorov played with the Red Wings and other teams the indictment claims Joseph Zada took money from the hockey player and more than 20 other people and spent much of it on himself.
Zada is charged with mail and wire fraud, money laundering and transporting stolen property. He is accused of using his Grosse Pointe Shores mansion and horse farm in Florida to impress would-be investors with his apparent money-earning prowess.
However, the 27-county indictment says it was all phony and that the money from investors, including Fedorov, was used to maintain Zada's lavish lifestyle which included extravagant parties and luxury vehicles.
View: Joseph Zada indictment
Fedorov even loaned money to Zada.
An earlier court ruling said Zada owes Fedorov $60 million, none of which has been paid back.
"I know he's been waiting for an indictment and so he's happy and it's good news for the victims," said Fedorov's attorney, Brendan Frey.