Wednesday, 24 December 2014

Utsick extradited from Brazil

Former international promoter and entrepreneur Jack Utsick hasd been extradited from Brazil to Miami (on 6th December) to face federal charges for operating a Ponzi (pyramid) scheme according to reports in the Miami Herald. Designated a fugitive in 2010, the Securities and Exchange Commission (SEC) had charged him in 2006 with defrauding investors out of $300 million and, despite agreeing a deal to repay some of the money, he fled to Brazil in 2007. Utsick, who had been under arrest in Brazil while fighting his extradition over the past two years, appeared Monday on nine counts of mail fraud in Miami federal court. Magistrate Judge Jonathan Goodman ruled that the 72-year-old Utsick would be held before trial, until he resolves his choice of defense attorneys.

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