Ex-promoter extradited from Brazil in $300M fraud

AP News
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Posted: Dec 08, 2014 3:38 PM

MIAMI (AP) — A former music promoter who produced events for top-name acts such as the Rolling Stones, Elton John and Aerosmith has been extradited from Brazil to face U.S. charges in a $300 million fraud case.

Prosecutors say 72-year-old Jack Utsick fled to Brazil in 2006 during investigations by the FBI and Securities and Exchange Commission. After a lengthy court battle, Brazil ordered his extradition in August and he was flown to Miami on Saturday.

Authorities say Utsick operated his Worldwide Entertainment Inc. promotion company as a Ponzi scheme, repaying older investors with money from newer ones. The scheme defrauded an estimated 3,300 investors out of nearly $300 million.

Utsick is charged with eight counts of mail fraud, each carrying a maximum 20-year prison sentence. He has not yet entered a plea.