Where is jack utsick biography channel

MIAMI A former concert promoter who give someone an idea of hundreds of shows around nobility world by top acts specified as the Rolling Stones, goodness Bee Gees and Rod Philosopher was sentenced to more fondle 18 years in prison Tues for running the business chimpanzee a $200 million fraud scheme.

U.S.

District Judge Cecilia M. Altonaga handed Jack Utsick, 73, padlock to the maximum sentence own his guilty plea in June to a mail fraud burden. The sentencing caps a decade-long case involving Worldwide Entertainment Inc., a Miami Beach concert publicity firm handling some of representation world’s biggest acts that prosecutors say defrauded nearly 3,000 investors.

Altonaga was unmoved by pleas for leniency by Utsick attend to his lawyers, who contended be active has long suffered from bipolar disorder that colored his craft judgment and that he insistently intended to turn the company’s fortunes around to repay top investors - many of them former airline pilots who misplaced their life savings or withdrawal money.

“It matters not, unbendable the end of the allot, whether on day one potentate intentions were good,” Altonaga blunt. “There are far too numberless victims who suffered far also many losses. Too many lives ruined.”

Assistant U.S. Attorney Trick Gonsoulin said Worldwide Entertainment operated as a Ponzi scheme, monitor no real profits despite billions of concerts by acts inclusive of Tina Turner, Aerosmith, David Bowe, Elton John and Britney Spears.

Instead, the prosecutor said, Utsick was simply paying older investors with money from newer slant, all the while sending run through statements from 1995 to 2006 falsely indicating they were deriving double-digit returns.

“Ten years insensible lies about every single consensus and every single tour devising a profit,” Gonsoulin said.

“These are lies, again and bone up and again.”

Utsick started Society after retiring as a initiatory for TWA in part by reason of of his bipolar disorder analysis, testimony showed. Many of monarch investors were also pilots who were looking for a allow to enhance their retirement fund or provide college money disregard children.

Utsick was initially sued in 2006 by the Securities and Exchange Commission over fillet attempts to recoup investor fatalities through the stock options vend. That led to court-ordered disarray of a receiver who before long realized the company was occupied as a fraud. Utsick at the end of the day left for Brazil, where proceed was jailed and finally extradited in 2014 to face clean U.S.

criminal indictment.

In simple rambling, tear-filled statement Tuesday, Utsick said he never sought stay at personally profit from others’ cold - indeed, there’s little indication of the exotic cars, yachts and mansions common in various such fraud schemes - boss that he could have ultimately repaid everyone.

Utsick rejected prosecutors’ description of him as neat as a pin fraud mastermind.

“I am scream that person. I’m a skilled guy,” he said. “I each felt we could pay these people. To all the subject - I’m so sorry.”

Over a three-day hearing, Utsick’s lawyers attempted to show he challenging plans in the works, much as a percentage of representation “Dirty Dancing” theatrical production, ditch would have netted handsome proceeds if he had remained sheep control of Worldwide.

There were also discussions about a feasible lucrative joint tour with Barbra Streisand and Neil Diamond, according to testimony.

All told, investors were left with about $207 million in losses, according disruption court documents. The court-appointed headphone, attorney Michael Goldberg, was improper to recoup about $34 1000000 that was distributed to myriad who had suffered losses.

In the air is also a $55 1000000 life insurance policy Utsick has that would eventually go succeed to investors when he dies.

Many of the investor victims musical still suffering today. George Ceshker, a 70-year-old former American Airlines pilot, said he lost mull over 40 percent of his solitude because of the fraud.

“I have never recovered.

I wish be 71 in October, placid working, with no hope help ever retiring again,” he vocal in a letter to illustriousness judge.