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Ex-promoter extradited from Brazil in $300M fraud
Source: Associated Press
Ex-promoter extradited from Brazil in $300M fraud
AP foreign, Monday December 8 2014
MIAMI (AP) — A former music promoter who produced events for top-name acts such as the Rolling Stones, Elton John and Aerosmith has been extradited from Brazil to face U.S. charges in a $300 million fraud case.
Prosecutors say 72-year-old Jack Utsick fled to Brazil in 2006 during investigations by the FBI and Securities and Exchange Commission. After a lengthy court battle, Brazil ordered his extradition in August and he was flown to Miami on Saturday.
Authorities say Utsick operated his Worldwide Entertainment Inc. promotion company as a Ponzi scheme, repaying older investors with money from newer ones. The scheme defrauded an estimated 3,300 investors out of nearly $300 million.
Utsick is charged with eight counts of mail fraud, each carrying a maximum 20-year prison sentence. He has not yet entered a plea.
AP foreign, Monday December 8 2014
MIAMI (AP) — A former music promoter who produced events for top-name acts such as the Rolling Stones, Elton John and Aerosmith has been extradited from Brazil to face U.S. charges in a $300 million fraud case.
Prosecutors say 72-year-old Jack Utsick fled to Brazil in 2006 during investigations by the FBI and Securities and Exchange Commission. After a lengthy court battle, Brazil ordered his extradition in August and he was flown to Miami on Saturday.
Authorities say Utsick operated his Worldwide Entertainment Inc. promotion company as a Ponzi scheme, repaying older investors with money from newer ones. The scheme defrauded an estimated 3,300 investors out of nearly $300 million.
Utsick is charged with eight counts of mail fraud, each carrying a maximum 20-year prison sentence. He has not yet entered a plea.
http://www.theguardian.com/world/feedarticle/11679099
