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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.
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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)