SEC Accuses Concert Promoter Of Swindling Investors

Law360, New York (April 18, 2006, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has charged an independent concert promoter with swindling $300 million from investors who thought they were funding performances by big names such as Elton John and Shania Twain.

The SEC filed the suit against John P. Utsick, the principal of Miami-based Worldwide Entertainment, in the U.S. District Court for the Southern District Florida, asserting that he defrauded 3,300 investors between 1998 and 2005.

Also named in the lawsuit are two additional companies—American Enterprises Inc. and Entertainment Funds Inc.—which are controlled...
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