Jack Utsick, 65, of Miami Beach, Florida, and a noteworthy rock concert promoter, is under investigation for operating a Ponzi-type investment fraud scheme, according to reports. Utsick, who has promoted concerts for such groups as the Rolling Stones, Santana, Shania Twain, the Pretenders, Aerosmith and Elton John, is alleged to have diverted millions from his concert investors to pay for collector cars, a luxury condo, artwork and other personal expenses. The scheme, which promised returns of 15 to 25 percent returns, cost investors as much as $300 million, according to a complaint filed by the SEC in 2006. The SEC took action at that time, seizing Utsick's Miami Beach-based company, Worldwide Entertainment, Inc. and its assets. Utsick is also a defendant in pending civil suits. Utsick is reportedly residing in Brazil and has refused to obey court orders to return to the US. Co-defendants in the SEC action include Utsick's partners, Robert Yeager and Donna Yeager.Thursday, February 5, 2009
Florida Rock Concert Promoter Under Investigation For Ponzi Scheme
Jack Utsick, 65, of Miami Beach, Florida, and a noteworthy rock concert promoter, is under investigation for operating a Ponzi-type investment fraud scheme, according to reports. Utsick, who has promoted concerts for such groups as the Rolling Stones, Santana, Shania Twain, the Pretenders, Aerosmith and Elton John, is alleged to have diverted millions from his concert investors to pay for collector cars, a luxury condo, artwork and other personal expenses. The scheme, which promised returns of 15 to 25 percent returns, cost investors as much as $300 million, according to a complaint filed by the SEC in 2006. The SEC took action at that time, seizing Utsick's Miami Beach-based company, Worldwide Entertainment, Inc. and its assets. Utsick is also a defendant in pending civil suits. Utsick is reportedly residing in Brazil and has refused to obey court orders to return to the US. Co-defendants in the SEC action include Utsick's partners, Robert Yeager and Donna Yeager.
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WHAT IS A PONZI SCHEME?
According to SEC filing dated October 30, 2006 - Sidney D. "Trip" Camper was fired from Elandia Inc. when the Ahkoy family fell victim to investment fraud headed by Elandia's Allen Stanford and Trip Camper. Forced to resign by Allen Stanford himself (see SEC link below), Trip Camper moved on to his next victim, a private company in Los Angeles. In true School of Stanford form, Trip Camper promised to take the private company public. Instead, Trip Camper recruited a new partner in crime, Ed Berkhof and together they formed a "shell" holding company, milked the private company of thousands of dollars, illegally obtained company stock and pretended to be the company owners- and owners of all the assets. By pretending to own the company's assets, Trip Camper and Ed Berkhof worked to dupe private investors out of capitol that they used to pay themselves and their creditors. This is a Ponzi Scheme. Instead of taking the company public, Trip Camper and Ed Berkhof spent thousands of dollars, took a trip to London on a company American Express card, performed a hostile takeover, and ruined the honest, profitable company. Since then, the Ahkoy family is suing Elandia Inc., Allen Stanford is in Federal prison, and Trip Camper is still using The Stanford Group as a reference on his curriculum vitae. FBI says, "Book 'em!"
http://www.secinfo.com/d14D5a.v6Q98.c.htm
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