Radio personality Craig Carton was convicted on multiple counts of fraud for running a Ponzi-like scheme that involved reselling concert tickets. A jury delivered a guilty verdict in Manhattan Federal Court after deliberating for five hours.
Carton, 49, cheated investors with his plan to sell premium tickets on the secondary market for a hefty profit. He was charged with wire fraud and securities fraud, which carry a potential penalty of 45 years in prison. However, the former WFAN Sports Radio show co-host is likely to face a lighter sentence.
Prosecutors said Carton modified emails from executives at Brooklyn Sports and Entertainment to persuade victims to invest $4 million into his plan to sell tickets to concerts at Nassau Coliseum and Barclays Center. He enticed investors by flaunting his relationships with contacts in the entertainment industry and his ability to obtain a steady stream of tickets to live events, including those featuring Barbra Streisand and Metallica.
According to bank records, Carton spent nearly $7 million of investor money on personal expenses, including gambling debts and landscaping bills. Carton’s lawyer acknowledged the radio host had misled investors. However, he maintained that his client had no criminal intent and was planning to pay them back. The lawyer said he would appeal the verdict.