Popular Sports Talk Show Host Accused of Running a Ponzi Scheme

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Craig Carton of WFAN’s morning sports-radio talk show “Boomer & Carton” was arrested by the FBI Wednesday morning and is accused of running a “Ponzi-like scheme.”

Both Carton and Joseph Meli got investors to give them millions by saying the money would be used to buy tickets to concerts and then re-sold, according to release from the Securities and Exchange Commission.

Carton and Meli were supposed to have connections to entertainment companies that would give them access to buy a large number of tickets. However, they had no actual agreement and instead used the money to pay “personal debts and repay prior investors as part of a Ponzi-like scheme,” among other things, the Department of Justice said in a release.

Read the original article here: fortune.com

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