American radio personality Craig Carton allegedly orchestrated a Ponzi scheme in order to repay a $2.5 million gambling debt, according to a lawsuit and charges filed by the federal government.
Carton, the former co-host of the Boomer and Carton sports radio program on WFAN in New York City, was arrested Wednesday for securities fraud and wire fraud.
Beginning in or around the middle of 2016, at about the time he accrued millions of dollars worth of gambling-related debts to casinos and other third parties, Carton solicited investments in ticket reselling enterprises purportedly engaged in purchasing and reselling large blocks of concert tickets for substantial profits, the SEC complaint said. Carton falsely claimed to investors that…
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