Broadway Financer Arrested for Fraud

    This courtroom sketch shows Mark L Hotton, second from left, at an arraignment in US District Court in Central Islip, NY., Monday, Oct. 15, 2012. Hotton, a former stock broker accused of swindling the producers of a Broadway adaptation of "Rebecca", has pleaded not guilty to fraud and money-laundering charges in a separate case. (AP Photo/Elizabeth Williams)

    Elizabeth Williams / AP Photo

    A stockbroker was arrested on Monday for defrauding the producers of the upcoming Broadway show Rebecca: The Musical by allegedly concocting an elaborate scheme that federal agents called “stranger than fiction.” The stockbroker, Mark Hotton of West Islip, N.Y., allegedly collected $60,000 for the musical but never actually gave any of it to the show, resulting in a production shutdown on Sept. 30. Hotton is charged with faking loans and coming up with phantom investors—including a phony investor that he killed off in August after he could not come up with $2 million he said the investor would give the show. Hotton reportedly stashed the money from his alleged schemes in the Cayman Islands. He is being held without bail.

    Read it at The New York Times