Known internationally for staging concerts by acts like Britney Spears, the Rolling Stones and the Red Hot Chili Peppers, John Utsick pleaded guilty to mail fraud after duping thousands of investors into a multimillion-dollar Ponzi scheme.
ATLANTA (CN) — A panel of the 11th Circuit on Monday unanimously upheld an 18-year prison sentence and restitution order handed down by a Florida federal judge to a former high-profile concert promoter who ran a $207 million Ponzi scheme.
Known internationally for staging shows by artists including David Bowie, the Rolling Stones and Britney Spears, John Utsick pleaded guilty in June 2016 to a mail fraud charge for using his Miami Beach concert promotion firm to defraud thousands of investors.
In a 29-page ruling issued Monday afternoon, the 11th Circuit struck down arguments raised by Utsick that his sentence and a restitution order requiring him to pay $169 million to the victims of his scam violate an extradition treaty with Brazil. The panel also rejected Utsick’s claim that his guilty plea was not made voluntarily.
According to the ruling, Utsick admitted in his plea agreement that, beginning in 1996, he told investors in his entertainment companies — Worldwide Entertainment Inc. and The Entertainment Group Fund — that he would use their money to invest in concerts, tours and other entertainment opportunities. Utsick promised investors they would receive the greater of guaranteed 10% returns or shares of the profits from…
