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.
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