Radio Host Arrested For Ticket Ponzi Scheme, Securities And Wire Fraud

Host arrested over an alleged multi-million dollar ticket-resale scam has a ton of bizarre elements. Here’s a look at some of them:

Craig Carton (of WFAN in New York) is in trouble with both the FBI and the SEC. Much of the coverage of this has focused on the securities fraud, wire fraud and conspiracy charges against Carton and Michael Wright that were announced Wednesday by the FBI and federal prosecutors. Those charges are extensive, and include acting Manhattan U.S. Attorney Joon H. Kim saying Carton and Wright “deceived investors and raised millions of dollars through misrepresentation and outright lies.” That criminal case is what led to Carton’s appearance in court Wednesday. But there’s also a Securities and Exchange Commission lawsuit that was filed Wednesday against Carton and another man, Joseph Meli. 

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UPDATE (9 A.M. THURSDAY)- Craig Carton has been suspended indefinitely by CBS Radio. 

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