Sentence hearing resumes for concert promoter in $200M fraud
October 04, 2016 - 12:39 AM
MIAMI - A sentencing hearing is resuming for a former concert promoter convicted in a fraud scheme that fleeced thousands of investors out of $200 million.
The hearing for 73-year-old Jack Utsick enters a third day Tuesday in Miami federal court. Utsick was extradited from Brazil in 2014 and pleaded guilty to mail fraud in June.
Prosecutors say Utsick defrauded nearly 3,000 investors by hiding a decade of losses by Worldwide Entertainment Inc. and promising double-digit returns.
Worldwide promoted tours by numerous top-level acts including the Rolling Stones, Fleetwood Mac and David Bowie. Utsick's attorney says he never intended to defraud investors and hoped to turn the company's fortunes around.
Prosecutors want Utsick sentenced to more than 17 years in prison. Utsick seek a lenient sentence of about six years.
News from © The Associated Press, 2016