Prosecutors Seek 17 Years for Concert Promoter in $200 Million Fraud
It’s day two in Miami federal court for the sentencing hearing of a former concert promoter who prosecutors say defrauded thousands of investors out of $200 million.
Prosecutors want a federal judge on Friday to impose a sentence of more than 17 years behind bars for 73-year-old Jack Utsick, who pleaded guilty to mail fraud in June. They say Utsick fleeced 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.
Utsick is asking for a lenient sentence of about six years. He was extradited from Brazil in 2014.