FT. LAUDERDALE (CelebrityAccess) — John P. “Jack” Utsick, a prominent figure in the concert promotion industry, passed away recently, as confirmed by CelebrityAccess. Utsick, known for organizing shows featuring iconic artists like the Rolling Stones, faced a dramatic downfall when his involvement in a massive $200 million fraud scheme led to imprisonment. He was 80 years old at the time of his passing.
A friend of the Utsick family told CelebrityAccess that Utsick died in Florida after being released from federal prison during the COVID-19 pandemic. A cause of death was not disclosed.
Before his legal troubles, Utsick, a former TWA airline pilot, ventured into the entertainment world by establishing Worldwide Entertainment. During the 1990s, he garnered a solid reputation by successfully producing concerts featuring renowned artists such as the Bee Gees and Rod Stewart.
However, in 2006, Utsick’s fortunes took a dramatic turn as the The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against him, alleging that he attempted to offset investor losses through an options trading strategy in the stock market. The investigation into Utsick’s enterprise expanded after a court-appointed receiver discovered financial irregularities within the company’s operations.
Subsequently, Utsick faced charges for orchestrating a Ponzi scheme worth $200 million through Worldwide Entertainment and its affiliated businesses. Investors, who believed their funds were being used for concert and entertainment-related projects, unknowingly became victims of this fraudulent scheme. Utsick utilized new investments to pay off earlier investors, perpetuating the deception.
In 2011, the U.S. Department of Justice formally charged Utsick, who then fled to Brazil in an attempt to evade prosecution. After several years of legal proceedings, he was extradited back to the United States in 2014 to face trial.
In 2016, Utsick received a sentence of 18 years in prison and was ordered to repay over $169 million to defrauded investors as restitution.
The latest update from Michael Goldberg, the appointed trustee overseeing the case, reveals that eligible creditors have received three distributions thus far, amounting to approximately $35 million. This marks a 21.37% return of their original principal investment.
Utsick’s passing serves as a reminder of the high-profile downfall of a once-respected figure in the music industry. His legacy will forever be tarnished by the fraudulent activities that not only resulted in his own imprisonment but also caused significant financial losses for unsuspecting investors.
