Sports radio personality Craig Carton, co-host of WFAN's “Boomer and Carton in the Morning” with former National Football League quarterback Boomer Esiason, was arrested Wednesday over allegations he misled investors in a ticket selling business in order to resolve gambling debts.

The U.S. Securities and Exchange Commission charged Carton and a co-defendant with securities fraud in the U.S. District Court for the Southern District of New York for allegedly misappropriating more than $5.5 million from a pair of investors in the bogus ticket reselling business. According to the SEC in SEC v. Carton, 17-cv-06764, by mid-2016, Carton had millions of dollars in gambling debt owed to casinos and other parties. At the same time, he and his co-defendant Joseph Meli, who himself already faces SEC and U.S. Department of Justice charges over similar ticket selling schemes, began soliciting investments for their own ticket selling scheme.

The SEC alleges that Carton and Meli told investors they had access to millions of dollars' worth of concert tickets at face value, when, in fact, they did not. Investors were told tickets to popular acts, such as Katy Perry, Justin Bieber, Roger Waters, Metallica and Barbra Streisand were being passed along from venues and promoters. The pair went so far as to forge documents to back up their claims, including a faked agreement between the artist Adele's management and the defendants for millions worth of tickets at face value, the government contends.