'Hamilton' Ponzi Scheme Defendant Pleads Guilty
Joseph Meli, the man accused of executing a multimillion-dollar Ponzi scheme that lured investors in with promises of substantial profits from the resale of tickets to the Broadway hit “Hamilton” and other big shows pleaded guilty Tuesday to security fraud, the U.S. attorney for the Southern District of New York announced.
November 01, 2017 at 02:57 PM
3 minute read
Joseph Meli, the man accused of executing a multimillion-dollar Ponzi scheme that lured investors in with promises of substantial profits from the resale of tickets to the Broadway hit “Hamilton” and other big shows pleaded guilty Tuesday to security fraud, the U.S. attorney for the Southern District of New York announced.
“As he admitted in court today, Joseph Meli created his own theatrical production—a fictitious business that purported to have access to blocks of tickets to Broadway shows and other events,” Acting U.S. Attorney Joon Kim said in a statement. “In fact, Meli was deceiving investors into giving him money that he pocketed to fund his own extravagant lifestyle. Now he awaits sentencing for running a Ponzi scheme.”
Meli was first charged by the U.S. Securities and Exchange Commission in January with violations of securities laws. Criminal charges were brought against him and a co-defendant by the Department of Justice February, charging them with two counts of wire fraud, securities fraud, and conspiracy to commit both.
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