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September 6, 2017

Posted  November 28, 2017

The Securities and Exchange Commission today charged Craig Carton and Joseph Meli with stealing millions of dollars from investors who were allegedly promised their funds would be used for the purchase and resale of concert tickets. In a complaint filed in federal district court in Manhattan, the SEC alleges that Carton and Meli falsely claimed they had access to large blocks of face value tickets to popular concert performances.  According to the SEC’s complaint, investors were falsely promised high returns from the price markups in ticket resales.  But instead of purchasing tickets for resale, Carton and Meli allegedly misappropriated at least $3.6 million to repay earlier investors and cover such other expenses as Carton’s gambling debts. SEC

Tagged in: Misrepresentations, Securities Fraud,