Two New York men have been accused by the Securities and Exchange Commission of defrauding investors out of millions of dollars in what the agency described as a “Hamilton” ticket-resale Ponzi scheme.
The SEC said Friday that Joseph Meli, 42, and Matthew Harriton, 52, convinced at least 125 investors in 13 states to contribute a total of $81 million toward their four ticket-reselling businesses.
Since at least 2015, the men told investors that they would pool the investment to purchase tickets to popular shows, such as an Adele concert and the smash hit Broadway musical “Hamilton,” and resell them at a profit to generate high returns, according to the SEC complaint.
A funding agreement with an investor described in the complaint refers to a deal supposedly made between one of the ticket-reselling enterprises and a “Hamilton” producer to purchase 35,000 tickets.
Click here to read the full story on LATimes.com.
