Trial Delayed For Concert Promoter Accused In Ponzi Scam
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MIAMI (CBSMiami/AP) - The federal trial of a former Miami concert promoter, who is accused of running a multi-million dollar Ponzi scheme, has been pushed back.
Jack Utsick's trial was scheduled to get underway Monday, however the judge has delayed its start until April. The request for the delay was made by Utsick's attorney who said he was not ready for trial in the highly complex case. A competency hearing is also being held because Utsick may suffer from bipolar disorder and other health problems.
Prosecutors say Utsick operated his Worldwide Entertainment Inc. promotion company as a Ponzi scheme, repaying older investors with money from newer ones. The scheme allegedly defrauded an estimated 3,300 investors out of nearly $300 million.
Utsick was extradited from Brazil in 2014. He has pleaded not guilty.
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