No Bail For Music Promoter Accused Of Multi-Million Dollar Fraud
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MIAMI (CBSMiami/AP) — A federal judge in Miami has refused to grant bail for a former music promoter who is accused of defrauding more than 3,000 investors out of nearly $300 million.
Jack Utsick, 72, produced shows for acts such as the Rolling Stones, Elton John and Aerosmith. He was recently extradited from Brazil to face the criminal fraud case.
On Wednesday, U.S. Magistrate Judge Edwin Torres said there was ample evidence that Utsick might attempt to flee prosecution. Authorities say he took off for Brazil in 2007 amid investigations by the FBI and Securities and Exchange Commission into his Worldwide Entertainment Inc. promotion company.
Utsick was extradited last year.
Authorities say the concert business was actually a Ponzi scheme, with older investors being paid with money from newer ones. An estimated 3,300 investors were defrauded out of nearly $300 million.
Utsick will plead not guilty to mail fraud charges.
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