11th Circ. Affirms $5M Ponzi Scheme Judgment

Law360, New York (April 9, 2010, 6:55 PM EDT) -- A federal appellate court has rejected a former concert promoter's appeal of an approximately $5 million judgment in a U.S. Securities and Exchange Commission case that accused him of running a Ponzi scheme.

A three-judge panel of the U.S. Court of Appeals for the Eleventh Circuit said Friday that the lower court did not err in deciding that John P. Utsick, the principal of Worldwide Entertainment Inc., failed to show that the SEC's estimate of his ill-gotten gains was unreasonable.

The court also rejected Utsick's arguments...
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