A former concert promoter who once staged tours for major acts such as the Rolling Stones, Elton John and Aerosmith has pleaded guilty in a multimillion-dollar fraud scheme.
Miami federal court records show Jack Utsick pleaded guilty Friday to a mail fraud charge, which carries a maximum 20-year prison sentence. Utsick will be sentenced Aug. 23.
Utsick had faced a much longer list of charges and was scheduled to go to trial Monday.
Prosecutors say Utsick operated his Worldwide Entertainment Inc. promotion company as a Ponzi scheme, repaying older investors with money from newer ones. The scheme allegedly defrauded an estimated 3,300 investors out of more than $200 million.
Utsick was extradited from Brazil in 2014 after a lengthy court battle.