National Events Holding, the event ticketing company formerly led by Jason Nissen, recently charged for running a $70m Ponzi scheme, has filed for bankruptcy protection.
The filing, reported by the Wall Street Journal, came just days after federal prosecutors in a New York federal court accused Nissen, once a school teacher, of running the scheme related to the purchase and resale of tickets for the Super Bowl, Fifa World Cup and other premium events.
The company filed its voluntary petition while in possession of between $10m (£7.7m/€8.9m) and $50m in liabilities, with $1m to $10m in assets.
Ponzi scheme
Nissen is accused of running a scheme where investors thought they were involved in a venture to purchase premium event tickets, but money was actually going to earlier investors.
The New York Post reported that Nissen revealed the scheme to victims earlier this year in an attempt to get them to give him more money to keep the scheme afloat.
In a civil lawsuit, a New York judge has ordered the seizure of Nissen’s cash, property, shares and other assets. According to the IQ Mag website, Taly USA Holdings and SLL USA Holdings, the two investors who brought the lawsuit, said in the initial complaint they have been “damaged in an amount to be determined at trial, but believed to be in excess of $25m, plus interest”.
Image: WP Paarz
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