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Famous Red Wing allegedly bilked out of millions by investment advisor

by
The federal indictment claims he misused as much as 20-million dollars of his investors money.
The federal indictment claims he misused as much as 20-million dollars of his investors money.

GROSSE POINTE SHORES (WKZO) -- An investment advisor with at least one famous client has been indicted for mail fraud, money laundering and transporting stolen property for allegedly roping people into a fraudulent "Ponzi" scheme.

Investigators say Joseph Zada used a mansion in Grosse Pointe Shores and a horse farm in Florida and the claim that he was the illegitimate son of a Saudi Oil billionaire to impress potential investors of his ability to earn money through his elaborate investment plan.

So far investigators have identified 26-victims, including former Detroit Red Wings forward Sergei Federov, who may have lost 43-million dollars.  

A judge has ruled the Federov should get 60-Million dollars from Zada, because that was what he was promised. .Its not clear that Zada will ever pay off. 

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