U.S. Concert Promoter Jack Utsick Extradited, Charged With $300M Ponze Scheme
U.S. concert promoter Jack Utsick, former head of Worldwide Entertainment, was extradited from Brazil to the U.S. over the weekend to face charges that he used a Ponzi scheme to defraud investors of $300 million. According to the Miami Herald, Utsick is facing 9 counts of mail fraud and accused of using millions of dollars of investor money to pay for a lavish lifestyle that included a luxury condo, artwork and rare cars.
Utsick was hit with a lawsuit by the Securities and Exchange Commission in 2006, who suspected Utsick of selling unregistered securities following a dispute with his business partners. Utsick decamped to Brazil the following year and was designated a federal fugitive in 2010 after being charged with nine counts of mail fraud.
In previous interviews with CelebrityAccess, Utsick and his attorney disputed the SEC's allegations and pledged to appear at an SEC deposition, particularly with the notion that the investments he made with client money were not sound. However, in 2010, the SEC ruled against Utsick, ordering disgorgement in the amount of $4,035,479.31, prejudgment interest of $921,708.84, and a civil penalty of $120,000. – via Celebrity Access