Hudson Valley Man Guilty In Multi-Million Dollar Ponzi Scheme
A Hudson Valley man and former popular radio host was found guilty of running a multi-million dollar Ponzi scheme.
On Thursday in Southern District of New York, 49-year-old Craig Carton was found guilty of securities fraud, wire fraud and conspiracy to commit those offenses.
Carton from New Rochelle previously co-hosted the morning show for WFAN with Boomer Esiason. He resigned in September of 2017, a week after he was arrested for securities and wire fraud charges in September.
“Radio personality Craig Carton solicited investments for his ticket buying scheme by touting his show business contacts and ability to buy blocks of tickets to live events such as Metallica, Barbra Streisand, and others, and sell them for a profit on the secondary ticket market," Manhattan U.S. Attorney Geoffrey S. Berman said in a press release. "Carton was all talk. Carton fabricated contracts for blocks of tickets and spent the almost $7 million he collected from investors on gambling and personal expenses."
Carton's co-defendant, Michael Wright, pleaded guilty to his role in the scheme in Septemeber.
Carton, Michael Wright and another unnamed person worked together in a fake ticket scam in which investors were told they could get concert and sports tickets at a discount and then resell them at a profit, prosecutors said.
After receiving millions in investor funds, “The Boomer & Carton" star and others embezzled the funds, using them, among other things, to pay personal debts and repay prior investors as part of a $5.6 million Ponzi-like scheme, officials say.
Carton was convicted for conspiracy to commit securities fraud and wire fraud, of wire fraud and securities fraud.
Carton was convicted for conspiracy to commit securities fraud and wire fraud, of wire fraud and securities fraud. He's scheduled to be sentenced in February.
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