‘PONZI-LIKE SCHEME’

Prosecutors: NJ Man Pleads Guilty to Massive Ticket Scam Allegedly Involving Shock Jock Craig Carton

He faces up to 20 years in federal prison.

A New Jersey man pleaded guilty Thursday to his role in a massive event ticket scam that has also implicated sports shock jock Craig Carton, the Manhattan U.S. Attorney’s Office said. Michael Wright and Carton told investors they would secure face-value tickets for shows by top performers such as Metallica—and then resell them for a sizeable profit, prosecutors have said. Wright and Carton repaid some investors with other investors’ money “as part of a Ponzi-like scheme”—and used some of these ill-gained funds to cover personal debts, officials have claimed. “Michael Wright admitted today that he and his partners in crime conducted an elaborate ticket-buying scheme to defraud investors of millions of dollars,” Manhattan U.S. Attorney Geoffrey Berman said in a statement. “From creating phony contracts to outright lies, Wright and his cohorts ensured that the money his backers thought they were investing actually went directly into his and his co-defendant’s pockets.”

Wright, 42, copped to one wire-fraud count. He faces up to 20 years in federal prison. His lawyer could not immediately be reached. Carton, who had hosted WFAN’s Boomer and Carton, has maintained his innocence. His Manhattan Federal Court trial is expected to begin on Oct. 29. Robert Gottlieb, who represents Carton, commented: “What Mr. Wright decides to do doesn’t change anything. We are getting ready for trial. Mr. Carton is innocent.”