Concert promoter in $200 million fraud is bipolar

Associated Press | Published: 02:55, Oct 01,2016

 
 
Rolling Stone, Ronnie Wood

In this July 4, 2015 file photo, Ronnie Wood, Mick Jagger, Charlie Watts and Keith Richards of the Rolling Stones perform at the Indianapolis Motor Speedway in Indianapolis. — AP photo

A doctor has testified that a former concert promoter who staged tours worldwide by acts such as the Rolling Stones, David Bowie and Fleetwood Mac suffers from bipolar disorder that colored his judgment in a $200 million fraud case.

Psychiatrist Michael Hughes testified Friday that 73-year-old Jack Utsick was likely affected by the disorder during the fraud. Prosecutors say Utsick fleeced nearly 3,000 investors by hiding a decade of losses by Worldwide Entertainment Inc. and promising double-digit returns.

Utsick previously pleaded guilty to mail fraud. Prosecutors want a sentence of more than 17 years. The sentencing hearing will continue Tuesday.

Worldwide staged thousands of shows by major artists from 1995 to 2006 but was losing money. Utsick's attorney says he never intended fraud and hoped to turn the company around.

Want stories like this in your inbox?

Sign up to exclusive daily email

Advertisement

images

 

Advertisement

images