Ex-concert promoter faces prison in $200 million fraud

Markets Associated Press

A former South Florida concert promoter who staged tours for major acts such as the Rolling Stones, Elton John and Aerosmith is facing prison for what prosecutors say was a $200 million fraud scheme.

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A Miami federal judge is scheduled Thursday to sentence 73-year-old Jack Utsick, who pleaded guilty in June to a mail fraud charge. He could get up to 20 years behind bars, although his lawyers are seeking about six years.

Prosecutors say Utsick operated his Worldwide Entertainment Inc. promotion company as a Ponzi scheme, repaying older investors with money from newer ones. The scheme allegedly defrauded about 3,000 investors out of more than $200 million.

Utsick was extradited from Brazil in 2014 and has been jailed since. His lawyers claim investor losses were far lower.