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Judge issues injunction in SEC's 'Hamilton' Ponzi case
Source: Reuters
U.S. | Wed Apr 26, 2017 | 6:38pm EDT
Judge issues injunction in SEC's 'Hamilton' Ponzi case
By Jonathan Stempel | NEW YORK
A federal judge on Wednesday issued a preliminary injunction freezing assets belonging to the alleged operators of a Ponzi scheme centered on the resale of tickets to the Broadway blockbuster "Hamilton," concerts by British singer Adele, and other popular shows.
U.S. District Judge Louis Stanton in Manhattan also put the U.S. Securities and Exchange Commission's civil fraud case against Joseph Meli and Matthew Harriton over the alleged fraud on hold, so that federal prosecutors could pursue a related criminal case against Meli and another defendant.
Lawyers for Meli and Harriton had supported putting the SEC case on hold.
The SEC accused the men of raising more than $97 million from at least 138 investors in 17 U.S. states, using some of the money to repay early investors, and diverting other sums for gambling, jewelry, private school tuition and other expenses.
According to the SEC, Meli and Harriton had promised double-digit returns from reselling blocks of tickets to Broadway shows such as "Hamilton" and the upcoming "Harry Potter and the Cursed Child"; concerts by Adele, Metallica and Nine Inch Nails; and a festival with Bob Dylan, Paul McCartney and the Rolling Stones.
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Judge issues injunction in SEC's 'Hamilton' Ponzi case
By Jonathan Stempel | NEW YORK
A federal judge on Wednesday issued a preliminary injunction freezing assets belonging to the alleged operators of a Ponzi scheme centered on the resale of tickets to the Broadway blockbuster "Hamilton," concerts by British singer Adele, and other popular shows.
U.S. District Judge Louis Stanton in Manhattan also put the U.S. Securities and Exchange Commission's civil fraud case against Joseph Meli and Matthew Harriton over the alleged fraud on hold, so that federal prosecutors could pursue a related criminal case against Meli and another defendant.
Lawyers for Meli and Harriton had supported putting the SEC case on hold.
The SEC accused the men of raising more than $97 million from at least 138 investors in 17 U.S. states, using some of the money to repay early investors, and diverting other sums for gambling, jewelry, private school tuition and other expenses.
According to the SEC, Meli and Harriton had promised double-digit returns from reselling blocks of tickets to Broadway shows such as "Hamilton" and the upcoming "Harry Potter and the Cursed Child"; concerts by Adele, Metallica and Nine Inch Nails; and a festival with Bob Dylan, Paul McCartney and the Rolling Stones.
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Read more: http://www.reuters.com/article/us-usa-crime-ponzi-hamilton-idUSKBN17S33H
