Another Day, Another Scam

A Virginia Beach, Va., concert promoter faces up to 20 years in prison and a fine of $250,000 after pleading guilty in federal court June 10 to wire fraud in a scheme that bilked concert investors of between $750,000 and $1 million.

Photo: AP Photo

Pre-Grammy Gala and Salute To Industry Icons, Beverly Hilton, Beverly Hills, Calif.

Kensey Lamonte Wright was indicted last month on eight counts, according to the Richmond Times-Dispatch.

He is to be sentenced Sept. 9.

Wright said in a statement of facts he signed with his plea agreement that between January 2007 and last December that he acted as a representative of several companies.

He reportedly solicited people to invest in concerts and other events featuring Prince, Beyonce, R. Kelly, and TLC, telling them their money would be used to stage shows.

Wright promised investors they could double their money within as little as two weeks to two months, according to the Times-Dispatch.

He admitted he lied to investors and spent most of the cash on himself, including for gambling and casino expenses.