Ponzi (pyramid) schemer Joe Meli has been sentenced to six-and-a-half years in prison at minimum security prison, Lewisburg Camp, Pennsylvania, followed by three years of supervised release.
He was also fined nearly $1.5 million, which represents the amount he received from the fraudulent operation, and ordered to pay restitution.
Meli was found guilty in a ticketing Ponzi scheme to concerts and Broadway shows and accused of stealing more than $100 million from investors in the business (see Audience issue 212). He was arrested in January 2017.
Between 2015 and 2017, Meli solicited funds from 130 investors through false representations that he would use the money to purchase tickets to various live events for resale at a profit on the secondary market. He pleaded guilty in October.
He will begin his sentence on 28 June.