Defendant Arrested and Charged with Multimillion-Dollar Ponzi Scheme
In a shocking turn of events, Jason Nissen, the CEO and President of Premium Ticket Resale Business, was arrested and charged with engaging in a multimillion-dollar Ponzi scheme, resulting in losses of at least $70 million.
According to the Complaint filed in Manhattan federal court, Nissen operated a ticket resale business in Manhattan, New York, through which he purchased large quantities of premium tickets for sporting and entertainment events and then resold them for a profit.
From 2015 to May 2017, Nissen defrauded multiple victims of tens of millions of dollars by representing that he would use money lent to him and his ticket business by victims to purchase bulk quantities of premium tickets to sporting and entertainment events, such as the Super Bowl, the World Cup, the U.S. Open, and “Hamilton.” However, in truth and in fact, Nissen used the victims’ money in large part to repay other victims and to enrich himself.
One victim, referred to as “Victim-2” in the Complaint, gave Nissen and his ticket business more than $1.9 million to be used for the bulk purchase of tickets to a UFC fight in New York to be resold by Nissen. Instead of purchasing tickets, Nissen used the money as follows: (i) he made two cash withdrawals – one for $20,000 and the other for $23,250; (ii) he transferred $383,000 to the bank account of another company he controlled to bring that company’s account balance out of a negative balance of about $382,000 to a positive balance of about $578; and (iii) he transferred $1,500,050 to his personal bank account, which had a balance of $88 at the time, and then that same day, Nissen transferred $1,500,025 from his personal account to another victim to whom he owed money.
Acting Manhattan U.S. Attorney Joon H. Kim stated, “Jason Nissen claimed he was investing in premium tickets for events like the Super Bowl, the World Cup and the Broadway hit ‘Hamilton,’ but as alleged, Nissen was actually cheating his investors out of over $70 million and spending it on himself. The veneer of a successful and interesting business was allegedly just that, an alleged cover for a massive Ponzi scheme.”
FBI Assistant Director-in-Charge William F. Sweeney Jr. added, “As charged today, Nissen represented his business as an investment opportunity for those willing to finance the purchase of large quantities of premium tickets to a number of sporting events and entertainment venues. The tickets were supposed to be sold for profit, but they weren’t. As alleged, Nissen eventually defrauded his victims out of at least $70 million collectively, all of which he used in furtherance of his scheme and for his own personal gain. For Nissen, the final quarter didn’t prove as profitable as anticipated; he must now face the penalty for his actions.”
Nissen was arrested this morning and will be presented in Manhattan federal court later today. The exact date of the crime is not specified in the source.
The defendant, Jason Nissen, faces charges of engaging in a multimillion-dollar Ponzi scheme, with losses of at least $70 million. The outcome of the case is currently pending.
Defendant Name: Jason Nissen
Exact Criminal Charges: Engaging in a multimillion-dollar Ponzi scheme, resulting in losses of at least $70 million
City and State: New York
Exact Date: May 24, 2023 (arrest date)
Sentence or Outcome: Pending
Dollar Amounts: At least $70 million
Key Facts
- State: New York
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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