FBI busts a New York sports radio host on a multi-million-dollar concert ticket scheme John Minchillo/AP Images for NFL, File

The FBI arrested New York sports radio host Craig Carton on Wednesday on charges that he helped organize a fraudulent multi-million-dollar ticket-reselling scheme that he actually used to pay off personal debts.

According to the New York Times, federal prosecutors in Manhattan believe Carton, 48, and another individual developed a Ponzi scheme in which they duped victims by claiming they were using their investments to buy and sell concert tickets. Only the money was used to pay previous debts and earlier investors. Carton faces charges of securities fraud, wire fraud and conspiring to commit those offenses, according to a criminal complaint filed in Federal District Court in Manhattan.

A civil complaint from the Securities and Exchange Commission on Wednesday said Carton had racked up millions of dollars in gambling debts to casinos and others around the same time he was soliciting investors. The SEC’s complaint says Carton falsely claimed he had access to millions of dollars’ worth of concert tickets at face value and would resell large blocks of tickets for substantial profits.

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Carton co-hosts the “Boomer & Carton” show with former NFL quarterback Boomer Esiason on New York radio station WFAN. The duo have been on the air since 2007. Carton had previously been a host on the “The Jersey Guys,” an afternoon talk show in Trenton, N.J., where Carton earned a reputation to provoke controversy.

CBS Radio, owner of WFAN, suspended Carton pending an investigation. Carton and co-defendant Michael Wright, are said to have “deceived investors and raised millions of dollars through misrepresentation and outright lies” by acting United States attorney in Manhattan, Joon H. Kim. The FBI added that Carton and Wright tried to “pay off investors with money that would eventually become future debt.”

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