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Man pleads guilty to wire fraud in $6 million ticket scheme

| Jul 27, 2018 | Federal Crimes |

On July 17, it was reported that a 49-year-old California man pleaded guilty to federal wire fraud. He had been accused of using investor money for personal expenses instead of purchasing and reselling tickets for profit.

The man had reportedly been involved in a $6 million scheme where he told investors that he would buy large amounts of tickets to the 2017 Super Bowl and the 2018 World Cup and resell the tickets for a profit. He said that he would then share the profit with the investors. However, he failed to share the profit with the investors after his company was wired the money.

When the man was required to split the profits, he told investors that the NFL had stopped the resale of tickets. As a result, he had to arrange a settlement with the NFL. Additionally, he told investors that the sale of the tickets were dismal, meaning there were no profits to be shared. Instead, it was found that the man used the money that given to him by investors for gambling money and personal expenses.

Convictions on charges for federal crimes can be extremely severe and have a major impact on a person’s future. If the crime involved wire fraud, a conviction could result in a lengthy prison sentence, fines and a criminal record that could prevent a person from obtaining employment in the future. A criminal defense attorney may conduct an independent investigation into the case to determine what defense strategy may work based on the circumstances. The attorney may argue that the accused person never intended to defraud anyone or that the person did not actually commit a crime.

Source: KTLA, “Aliso Viejo Man Pleads Guilty to Federal Wire Fraud, Running $6 Million Scheme to Defraud Investors in Resale of Tickets“, Wes Woods II, July 17, 2018

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