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You may have lost money in your investment portfolio,
due to mismanagement and not even know it.

Phantom hoax: Investment fraud re fake ticket sales

Here's the way it was hyped to would-be investors: Help purchase huge blocks of discounted tickets for major concerts and thereafter share in the outsized profits reaped from their resale at higher prices.

Here's the way it actually unfolded: The money of investors who both figuratively and literally bought that pitch actually went toward huge casino debt incurred by a team of scammers, with just enough of the funds sprinkled back on early investors to perpetuate the fraud for a brief period before it ultimately collapsed.

Avid listeners of the long-time and popular WFAN sports talk show "Boomer & Carton" undoubtedly noticed earlier this week the sudden absence of co-host Craig Carton from the show.

The reason for that: Carton is the individual accused by federal criminal authorities of being a principal in the above-cited ruse. He was arrested on Wednesday and charged with securities fraud, wire fraud and multiple conspiracy counts alleging criminal conduct.

Federal prosecutors say that the scheme carried out by Carton and co-defendants was successful initially owing to forged contracts and signatures that purportedly granted the wrongdoers access to blocks of tickets for performances of artists including Justin Bieber, Katy Perry, Adele and other A-listers. Carton and his associates promised huge profits from secondary-market resales that would handsomely reward parties helping to buy the block tickets.

Everything about the scam turned out to be illusory, including the tickets. The defendants now face criminal charges that could yield decades-long prison terms and multi-million-dollar fines.

A related civil case brought by the U.S. Securities and Exchange Commission is also ongoing. That matter alleges a similar fact pattern revolving around bogus ticket-purchase opportunities and promised profits that never materialized.

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