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.