WFAN radio host Craig Carton is in trouble for allegedly running a $5.6 million Ponzi scheme and misusing funds from his Tic Toc Stop charity to payoff a $3 million gambling debt.
Carton was arrested along with strip club executive Michael Wright and charged with conspiracy, securities fraud, and wire fraud. These charges could mean up to 45 years in prison for the pair.
The scheme centered around a sham-concert ticket selling business in which he allegedly promised investors huge returns for funding the purchase of shows featuring Adele, Katy Perry, and Barbara Streisand.
According to court records, Carton owed $3 million in gambling debts to various casinos and considered several options including running to Costa Rica and changing his name, but eventually decided to start a ponzi scheme using phony documents to make it look like he had access to $15 million worth of Adele tickets.
After his arrest by the FBI, their investigation revealed that his Tic Toc Stop Tourette’s charity was misusing the $1 million in donations received on golf outings, galas, and other fund-raising events.
It appears that the house of cards Craig Carton built has crumbled quickly, and all of the tea is spilling.