Ex-music promoter extradited from Brazil to Florida in $300M Ponzi scheme case
December 08, 2014 - 12:41 PM
MIAMI - A former music promoter who produced events for top-name acts such as the Rolling Stones, Elton John and Aerosmith has been extradited from Brazil to face U.S. charges in a $300 million fraud case.
Prosecutors say 72-year-old Jack Utsick fled to Brazil in 2006 during investigations by the FBI and Securities and Exchange Commission. After a lengthy court battle, Brazil ordered his extradition in August and he was flown to Miami on Saturday.
Authorities say Utsick operated his Worldwide Entertainment Inc. promotion company as a Ponzi scheme, repaying older investors with money from newer ones. The scheme defrauded an estimated 3,300 investors out of nearly $300 million.
Utsick is charged with eight counts of mail fraud, each carrying a maximum 20-year prison sentence. He has not yet entered a plea.
News from © The Associated Press, 2014