Texas Promoter Sentenced In Fraud
David Rosen, a former Austin concert promoter, was sentenced to 10 years in prison and make $1.8 million in restitution after pleading guilty to securities fraud May 5.
Rosen was indicted in 2015 on securities fraud, theft and money laundering charges after defrauding erstwhile investors of more than $2 million, according to the Austin Business Journal. He sold investment contracts and promissory notes in a “concert investment program” under Rozone Productions and Illuminated Entertainment Group.
Would-be investors contributed amounts ranging from $7,000 to $200,000 in 2009-10, before Rozone filed for bankruptcy protection in Texas.
Rosen told investors the money would go toward concerts with Justin Bieber, Eagles and
The former promoter told investors they would get their money back but, instead, Rosen used much of it to pay personal expenses, according to the paper.
He also pleaded guilty to charges in an unrelated investment fraud and was also sentenced to a 10-year term, to run concurrently, and restitution.