Fla. rock concert promoter in Ponzi probe
MIAMI, Feb. 4 (UPI) -- Criminal investigators have joined a financial probe of former Miami concert promoter Jack Utsick accused of cheating investors in a Ponzi scheme, sources say.
Utsick, 65, was once of the world's biggest rock concert promoters, staging shows by such music stars as Elton John, the Rolling Stones, Santana, the Pretenders and Aerosmith. But now officials allege Utsick, who is living in Brazil, has refused to obey two court orders to return to the United States in a civil lawsuit, The Miami Herald reported Wednesday.
The newspaper, without naming sources, said Utsick is also part of an FBI criminal investigation for allegedly diverting millions from his concert investors to pay for collector cars, a luxury condo, artwork and other personal expenses. The U.S Securities and Exchange Commission has seized Utsick's company, Worldwide Entertainment of Miami Beach, Fla.
"What we were seeing was a Ponzi scheme," plaintiffs' attorney Michael Goldberg told the Herald.
Court records indicate Utsick is accused paying investors -- many of them former airline pilots -- from revenues of future rock concerts.