Two New York men have been charged with securities fraud in federal court for allegedly defrauding investors in a ticket resale Ponzi scheme. According to the Securities and Exchange Commission, Joseph Meli and Matthew Harriton conned investors in 13 states out of more than $80 million.
The men told investors that they would use the money to support four businesses that specialized in the purchase and reselling of tickets to popular shows and events, including Broadway plays and concerts. The SEC reports that the men told investors that they had an agreement with a producer of the Broadway smash hit “Hamilton” to purchase 35,000 tickets and resell them through their resale businesses.
According to the SEC, the men did not have any agreement with any promoters or producers, and used only a small portion of investor funds to buy event tickets. Investigators say that the men misappropriated more than $2 million in investor funds for personal purchases, including jewelry and tuition for private schools.
The majority of the money taken in was paid out to other investors in the scheme to create the illusion of the massive returns the men had promised. Meli was also charged in connection with a second Ponzi scheme he operated with a Wilton, CT man
Federal securities fraud attorney
Federal prosecutions are aggressive, in large part because the federal government tends to favor cases that have a high potential of conviction. When you’re facing federal securities fraud charges, you need an experienced securities fraud attorney like Robert Helfend.
Mr. Helfend has practiced criminal defense exclusively for more than 30 years, and knows what it takes to successfully defend clients in federal court. Mr. Helfend does what it takes to prepare an effective defense strategy, and will fight aggressively for your freedom.
Contact Robert Helfend or call toll-free at (800) 834-6434, (310) 456-3317, (818) 591-2809 or (805) 273-5611 for an immediate consultation on your Los Angeles County securities fraud case.
Photo Credit: Travis Wise, via Flickr.com