NEW YORK (AP) — Two men have been charged in New York with cheating wealthy people who invested in ticket businesses for popular shows like an Adele concert and Broadway’s “Hamilton.”
Joseph Meli and Steven Simmons were arrested Friday.
Authorities say they enticed wealthy people in 13 states to invest $81 million in businesses that would buy large blocks of tickets for major concerts and musicals. A criminal complaint says the men instead ran a Ponzi scheme that diverted at least $51 million of that money to pay off other investors and line their pockets.
They are charged in federal court with conspiracy, securities fraud and wire fraud.
Lawyers for the men did not immediately respond to messages seeking comment.