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Latest Ponzi Scheme Involves Hamilton Ticket Resale - SEC
The SEC charged Joseph Meli and Matthew Harriton on Friday with running a Ponzi scheme that raised money from investors to fund businesses that purportedly would purchase and resell tickets to such high-demand shows as Adele concerts and the Broadway musical Hamilton.
The 2 NYC men allegedly misrepresented to investors that all their money would be pooled to buy large blocks of tickets that would be resold at a profit, producing high returns for investors. The bulk of investor funds, however, were allegedly used for making Ponzi payments to prior investors and for personal expenditures. Investors were promised they’d be repaid within 8 months.
All told, Meli and Harriton allegedly raised more than $81 million from at least 125 investors in 13 states.
In a parallel action, the U.S. Attorney’s Office for the Southern District of New York today announced criminal charges against Meli.
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