Hudson Valley Morning Show Radio Host Accused of Running Multi-Million Dollar Ponzi Scheme
A famous morning show radio host from the Hudson Valley is accused of running a $5.6 million Ponzi scheme.
The FBI arrested WFAN’s Craig Carton early Tuesday morning and charged him with securities fraud, wire fraud and conspiracy.
As alleged, Carton of New Rochelle, Michael Wright and another unnamed person worked together in a fake ticket scam in which investors were told they could get concert and sports tickets at a discount and then resell them at a profit.
After receiving millions in investor funds, “The Boomer & Carton" star and others embezzled the funds, using them, among other things, to pay personal debts and repay prior investors as part of a Ponzi-like scheme, officials say.
“The Wright and Carton show was just a sham, designed to fleece investors out of millions ultimately to be spent on payments to casinos and to pay off other personal debt,” Acting Manhattan U.S. Attorney Joon H. Kim said. "Their schemes were allegedly propped up by phony contracts with two companies to purchase blocks of concert tickets, when in fact, Carton and Wright had no deals to purchase any tickets at all.”
If convicted on all counts, 48-year-old Carton and 41-year-old Wright face a maximum sentence of 45 years in prison and fines of millions of dollars.
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