Joseph Meli, 46, of New York, New York, has been sentenced to 37 months in prison for his involvement in a fraudulent Broadway ticket investment scheme.
According to the U.S. Attorney’s Office for the Southern District of New York, Meli falsely represented to partners in a business entity, Indio Entertainment, LLC, that he owned a large number of tickets to live events or intended to purchase a large number of tickets to live events.
Meli caused Indio principals to represent to investors that investor funds would be used to purchase bulk tickets to live shows without disclosing Meli’s involvement. He promised investors a share of the profits but failed to invest the investor monies as promised, and instead diverted the funds to his own personal use.
As part of the scheme, Meli sent $455,000 to a close relative to pay off credit card debt, $500,000 to an individual unrelated to the entertainment or ticket industry, and $220,000 to a residential management company that managed an apartment Meli was leasing.
This is not Meli’s first involvement in such a scheme. He is currently serving a 78-month sentence imposed by U.S. District Judge Kimba M. Wood in September 2018, resulting from his involvement in a similar Broadway ticket investment scheme.
Meli was sentenced to 37 months in prison, with 25 months to run concurrently with the prison sentence he is already serving. He was also ordered to pay a forfeiture penalty of $2,082,425 and restitution in the amount of $1,909,146.
The case is being handled by the Office’s General Crimes Unit, with Assistant U.S. Attorneys Sarah Mortazavi and Micah Fergenson in charge of the prosecution.
Ms. Strauss praised the work of the Special Agents from the U.S. Attorney’s Office for the Southern District of New York and thanked the Securities and Exchange Commission for its assistance.
Key Facts
- State: New York
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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