John P. (Jack) Utsick, Securities Fraud, Florida 2005

A notorious former concert promoter has been extradited from Brazil to face charges in a massive $300 million securities fraud scheme. John P. (Jack) Utsick, 72, made his initial appearance in a Miami courtroom, accused of defrauding over 3,300 investors.

According to a superseding indictment filed in 2010, Utsick operated a scheme that promised investors fixed rates of return ranging from 15% to 25%. However, most of the entertainment projects he invested in lost money, and he used funds from new investors to pay earlier investors, while also financing his own lavish lifestyle.

Utsick produced events and concert tours for numerous high-profile artists, including Coldplay, Elton John, and Aerosmith. The U.S. Securities and Exchange Commission (SEC) filed civil securities fraud charges against him in 2006, prompting him to flee to Brazil.

Utsick challenged the validity of the indictment in Brazilian courts but was eventually ordered to be extradited to the United States in 2014. He was extradited on December 6, 2014, and taken into custody by the U.S. Marshal’s Service.

Utsick is charged with eight counts of mail fraud, carrying a statutory maximum term of 20 years in prison per count. The case is assigned to U.S. District Judge Cecilia M. Altonaga for further proceedings.

Assistant U.S. Attorney Jerrob Duffy is prosecuting the case, which was commended by U.S. Attorney Wifredo A. Ferrer and FBI Special Agent in Charge George L. Piro.

Utsick’s scheme, which operated from at least 1998 to 2005, saw him promise investors fixed returns of 15% to 25% on their investments. He used funds from new investors to pay earlier ones, while also financing his own lavish lifestyle, including the purchase of two multimillion-dollar condominiums, a yacht, and a motion picture starring Paris Hilton.

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