WFAN radio co-host Craig Carton arrested for defrauding millions
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The animated, opinionated radio personality of WFAN’s Boomer and Carton show, Craig Carton, was arrested last Wednesday for his involvement in a Ponzi scheme.
On Wednesday, Carton was escorted out of his New Jersey home around 4am by law enforcement. Carton was arrested on charges of security fraud, wire fraud, and conspiracy. The 48 year old radio host set up a Ponzi scheme back in September 2016 with his partner in crime, Michael Wright. The two claimed to have priority access to concert tickets of major performers at face value. They sought out investors and promised them a share in the profit when the concert tickets were sold.
Not surprising, those profits never came. Carton used the money that investors gave him to pay off his gambling debts. The largest investor duped in the scheme was Brigade Capital Management, who invested a total of 4.6 million dollars. Carton never intended to reward investors with earnings. His massive gambling debt was in the millions, and he owed casinos and people a lot of money.
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His co-host on the Boomer and Carton show, Boomer Esiason, heard of the news Wednesday morning himself while on the air. Originally, Boomer thought Craig was out sick. Boomer continues to stand by his co-host and friend, wishing Carton and his family luck in the trial to come.
Carton is facing 45 years in prison, but because he has no prior offenses on his record, will most likely not receive the maximum sentence.
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