MIAMI (AP) – Trial in an alleged $300 million fraud scheme has been postponed for a former concert promoter who once staged tours for major acts such as the Rolling Stones, Elton John and Aerosmith.
Jack Utsick was supposed to stand trial beginning Monday, but a federal judge delayed it until May 2. Utsick’s attorney says he is not ready for trial in the highly complex case. A competency hearing is also being held because Utsick may suffer from bipolar disorder and other health problems.
Prosecutors say Utsick operated his Worldwide Entertainment Inc. promotion company as a Ponzi scheme, repaying older investors with money from newer ones. The scheme allegedly defrauded an estimated 3,300 investors out of nearly $300 million.
Utsick was extradited from Brazil in 2014. He has pleaded not guilty.