Craig Carton, a co-host of WFAN' 660 AM / 101.9 FM morning show “Boomer & Carton,” was arrested on Wednesday morning by the FBI on charges that he helped orchestrate a fraudulent multi-million-dollar ticket-reselling scheme.
According to The NYTimes, Federal prosecutors in Manhattan accused Carton and another defendant of running a kind of Ponzi scheme in which they solicited investments from victims, including a Manhattan hedge fund, that the two men said they would use to buy and sell concert tickets. The money was instead used to pay personal debts and earlier investors.
He faces charges of securities fraud, wire fraud and conspiring to commit those offenses, according to a criminal complaint filed in Federal District Court in Manhattan.
The 48-year-old Carton sought the investments last year around the time he also accrued millions of dollars’ worth of gambling debts to casinos and other parties, the Securities and Exchange Commission said in a civil complaint filed on Wednesday.
The station’s owner, CBS Radio, said it had suspended Carton pending an investigation and was cooperating with the authorities.
The acting United States attorney in Manhattan, Joon H. Kim, said Carton and his co-defendant, Michael Wright, “deceived investors and raised millions of dollars through misrepresentation and outright lies.”
Carton and Wright were each ordered released on $500,000 bond by a federal magistrate judge, Andrew J. Peck. As the hearing ended, Judge Peck remarked, “With that, the radio crowd in the courtroom today is free to move on to their other business.”
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