Promoter Accused Of $300M Fraud Sanctioned

Law360, New York (March 24, 2009, 12:00 AM EDT) -- A federal judge has sanctioned a former big-name concert promoter accused of running a nearly $300 million Ponzi scheme for not appearing at his scheduled depositions, though his attorney says it is unlikely he will be able to pay the penalty.

John P. Utsick, the principal of Miami-based Worldwide Entertainment Inc. who promoted tours for such musicians as Elton John, Shania Twain, the Rolling Stones, the Bee Gees and Bruce Springsteen, was ordered Monday to pay attorneys' fees and costs incurred by the U.S. Securities and...
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