Ex-Concert Promoter Gets 18+ Years in Prison for $200M Fraud

MIAMI (AP) — A former concert promoter who staged shows by top acts such as the Rolling Stones, the Bee Gees and Rod Stewart has been sentenced to more than 18 years in prison for running the business as a $200 million fraud scheme.

A Miami federal judge imposed the sentence Tuesday on 73-year-old Jack Utsick, who pleaded guilty to mail fraud in June. He admitted running his Worldwide Entertainment Inc. as a decade-long fraud affecting nearly 3,000 investors who were promised double-digit returns.

Despite his guilty plea, Utsick said in court Tuesday he never intended to defraud investors and hoped to turn the company’s fortunes around to repay all of them.

Utsick had sought a lenient sentence of about six years, in part because he has long suffered from bipolar disorder.

 

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 

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