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Trial Date Set For Promoter Accused Of Multi-Million Fraud

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MIAMI (CBSMiami/AP) — A former South Florida concert promoter accused of operating a $300 million fraud scheme is scheduled to go on trial at the end of this year.

On Tuesday, U.S. District Judge Cecilia M. Altonaga set a trial date of November 2nd for Jack Utsick, who has pleaded not guilty to fraud and money laundering charges.

Prosecutors say Utsick operated his Worldwide Entertainment Inc. company as a Ponzi scheme, repaying older investors with money from newer ones. The scheme allegedly defrauded an estimated 3,300 investors.

The company staged tours of top-name acts including the Rolling Stones, Elton John, Aerosmith and the Pretenders, among others.

Utsick was extradited from Brazil last year after a lengthy court battle. U.S. authorities say he fled there to avoid prosecution.

(TM and © Copyright 2015 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2015 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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