Promoter Jack Utsick Sentenced To 18+ Years

Jack Utsick was reportedly sentenced Oct. 4 to more than 18 years in federal prison for one count of mail fraud, ending more than 10 years of legal maneuvering in a $200 million case involving some 3,000 investors and stretching to Brazil and back.
2005 file photo

Curt Anderson, an Associated Press reporter in the Miami, Fla., courtroom, tweeted the sentencing news at 3 p.m. EDT.

Pleas for leniency based upon the 73-year-old Utsick’s health and bipolar diagnosis apparently fell on deaf ears in U.S. District Judge Cecilia Altonaga’s court as prosecutors had asked for a sentence of 210 months, or 17.5 years.

Despite the guilty plea on a single charge, Utsick maintained in court he never intended to defraud investors and truly hoped to turn his company’s fortunes around and repay them all.

In a plea agreement, Utsick agreed to restitution of almost $170 million.

Please check back for more information as the story develops. (this post has been updated)