Concert Scam Guilty Plea
Herbert Franklin Green, a solo lawyer from Washington, D.C., entered his guilty plea July 6 to wire fraud and conspiracy charges before U.S. District Judge Juan R. Sanchez of the Eastern District of Pennsylvania.
Marc Hubbard, owner of Sports Dimensions Inc., entered his plea June 30, according to the Philadelphia Business Journal. Prosecutors claimed that from 2008 to 2010, Green and Hubbard engaged in a scheme that duped investors out of $2.1 million. Hubbard lied to investors about the profitability of his purported promotion company, while Green handled the paperwork for the fraudulent investments, prosecutors said.
The money was allegedly used by the defendants to pay off previous investors and for their own use. The indictment said Hubbard took roughly $1.8 million of the money and Green took $333,000, the Journal said. Hubbard faces a maximum of 160 years in prison and a $2 million fine when he is sentenced Sept. 29. Green faces a maximum of 40 years in prison and a $500,000 fine at his sentencing Oct. 12, the Journal reported.