SEC Busts Concert Ticket Ponzi Scheme
The Securities and Exchange Commission charged a sports radio personality, Craig Carton, and Joseph Meli with stealing millions of dollars from investors. They allegedly told investors their funds would be used for the purchase and resell concert tickets, and they would profit from the markups. However, Carton and Meli allegedly misappropriated at least $3.6 million to repay earlier investors and cover such other expenses as Carton’s gambling debts and Carton allegedly stole an additional $2 million. Meli was separately charged earlier this year with operating a Ponzi scheme involving purported resales of tickets to the Broadway musical Hamilton and other events. Andersen Sleater Sianni represents investors have been defrauded in recovering their damages. Click here to read more about the ticket scam.