Trial in $300M fraud delayed for former promoter

Posted at 4:00 PM, Feb 08, 2016
and last updated 2016-02-08 16:00:26-05

MIAMI (AP) — Trial in an alleged $300 million fraud scheme has been postponed for a former concert promoter who once staged tours for major acts such as the Rolling Stones, Elton John and Aerosmith.

Jack Utsick was supposed to stand trial beginning Monday, but a federal judge delayed it until May 2.

Utsick's attorney says he is not ready for trial in the highly complex case.

A competency hearing is also being held because Utsick may suffer from bipolar disorder and other health problems.

Prosecutors say Utsick operated his Worldwide Entertainment Inc. promotion company as a Ponzi scheme, repaying older investors with money from newer ones.

The scheme allegedly defrauded an estimated 3,300 investors out of nearly $300 million.

Utsick was extradited from Brazil in 2014. He has pleaded not guilty.