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2 accused of $81 million ticket scam

On Jan. 27, it was reported that two men were facing charges after they were accused of scamming wealthy individuals who were interested in investing in New York ticket businesses. According to the report, authorities stated that the men enticed more than a dozen individuals to invest $81 million in the ticket businesses.

The ticket businesses would supposedly buy large blocks of tickets to popular shows, including the Tony Award-winning musical "Hamilton" and several Adele concerts. However, the criminal complaint claims that the men ran a Ponzi scheme instead. Approximately $51 million of the investments were reportedly used to pay off earlier investors and to give the men personal funds.

It was alleged that money was spent on private school tuition, gambling, jewelry and other personal items. They were ultimately charged with multiple crimes in a federal court. The charges they face include conspiracy, wire fraud and securities fraud.

A Ponzi scheme is one of the oldest types of white collar crimes. It basically consists of people raising money from new investors in order to repay existing ones as well as to funnel off profits. It is named after Charles Ponzi, who became infamous for this practice nearly 100 years ago. People who have been charged with this type of an offense need to realize that the federal government takes these charges very seriously. The potential penalties if a conviction is obtained can be very harsh, including lengthy incarceration. People who learn that they are the target of such an investigation should contact a criminal defense attorney as soon as possible before charges have been filed.

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