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.
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.
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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.