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The Associated Press March 29, 2011, 10:59AM ET

Ariz. man, his mother face charges in fraud scheme

A mother and son are facing charges stemming from an alleged 16-year fraud scheme that affected residents in 28 states.

Arizona Attorney General Tom Horne says 55-year-old Barron Thomas of Scottsdale and 78-year-old Agnes Clark of Dallas are believed to have received more than $8 million.

Horne says the defendants advertised a series of short-term investment or loan programs in an aviation magazine asking for a minimum $25,000 contribution.

Horne says investors were told their money would be used to purchase, refurbish and sell airplanes for profit and that they'd get a full return of their money plus interest.

More than 60 people claim that they haven't received their promised payments.

Thomas and Clark are scheduled for a pre-trial conference on May 11 in Maricopa County Superior Court.

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