A brazen and merciless scheme to defraud has come to an end for a Chicago woman who has been sentenced to nearly four years in federal prison for operating a multi-million dollar fraud scheme that duped investors into believing she could earn profits on the secondary market for concert and sports tickets.
Tracy Monti, 44, pleaded guilty earlier this year to one count of wire fraud. U.S. District Judge Manish S. Shah on Tuesday sentenced Monti to 46 months in prison and ordered her to pay $4,997,958 in restitution to victims.
The scheme began in 2010 and continued until 2015. Monti misrepresented to investors that she had business relationships with multiple primary sources, such as event promoters and venues, through which she could purchase tickets at face value before re-selling them for a profit. Those relationships did not actually exist.
Monti victimized more than ten investors, one of whom took money out of his pension to invest in Monti’s scam. The victims were told that Monti could purchase tickets for sporting events and concerts from primary market sources at face value or at a discount through purported connections in the event business and then re-sell the tickets for a profit on the secondary market.
Instead, Monti used the victims’ funds to purchase various items for herself, including a house in Chicago, a Dodge Challenger, tattoos, vacations, and shopping sprees at Victoria’s Secret and Neiman Marcus. Monti also made Ponzi-type payments to early investors.
The sentence was announced by John R. Lausch, Jr., United States Attorney for the Northern District of Illinois; Jeffrey S. Sallet, Special Agent-in-Charge of the Chicago office of the Federal Bureau of Investigation; and Gabriel L. Grchan, Special Agent-in-Charge of the Chicago office of the Internal Revenue Service Criminal Investigation Division.
This case is a reminder of the importance of due diligence when investing in any business venture. It is never too late to come forward and report suspicious activity to the authorities.
Related Federal Cases
- Rico Tomas Garcia, Hand Sanitizer Scam, CO, 2023 · Washington
- Yerfri Castillo, ID Theft Tax Scam, NY, 2023 · Illinois
- Luke A. Truesdell, False Product Contamination Scam, Cedar Rapids I… · Illinois
- Joe Biden Criticized for Wildfire Response, Maui HI, 2024 · Illinois
- Michael Jett Sentenced to 23 Months for Tax Evasion, MO, 2023 · Illinois
Key Facts
- State: Illinois
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
ðŸâ€Â’ Get the grimiest stories delivered weekly. Subscribe free →
