Former sports-talk-radio star Craig Carton was convicted Wednesday for defrauding investors in a ticketing Ponzi scheme to pay off his gambling debts and other bills.
Carton used fake contracts to entice new investors and raise money for a scheme involving reselling tickets to high-priced shows and spending the money for his own debts.
“I’m obviously disappointed by the verdict today,” Carton said outside the courthouse after his conviction, saying his only plans were to go home and hug his kids, according to Bloomberg. “I respect it, but I’m disappointed with it. I need to let it sink in now.”
Carton’s defence was that he was the one who was conned by a former partner and strung along by executives.
The radio host’s lawyer Robert Gottlieb told jurors during closing arguments: “These hot shots were playing Mr. Carton.
“They were stringing him along. He was a fish on a line. They never told him his ideas were a crock. They were content to lead him down the primrose path.”
Jurors found Carton guilty of all three counts — conspiracy, wire fraud and securities fraud.
He will be sentenced on February 27 and faces up to 20 years in prison for each of the wire fraud and securities fraud counts, and five years for conspiracy.