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Ex-Concert Promoter gets 18 years in prison for fraud

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Ex-Concert Promoter gets 18 years in prison for fraud

2016-10-05 02:18:221 Oct 2018 01:53 AM EST

FOr the crime of running a business as a $200 million dollar fraud scheme, a former concert promoter who staged hundreds of shows around the world by top acts such as the Rolling Stones, the Bee Gees and Rod Stewart was sentenced to more than 18 years in prison on Tuesday.U.S. District Judge Cecilia M. Altonaga handed 73 year old Jack Utsick close to the maximum sentence for his guilty plea in June to a mail fraud charge. The sentencing caps a decade-long case involving Worldwide Entertainment Inc. The Miami Beach concert promotion firm handled some of the world’s biggest acts that prosecutors say defrauded nearly 3,000 investors.Altonaga was unmoved by pleas for leniency by Utsick and his lawyers. They contended he has long suffered from bipolar disorder that colored his business judgment and that he fully intended to turn the company’s fortunes around to repay his investors. Many were former airline pilots who lost their life savings or retirement money.

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