Financial Fraud: TRACY MONTI Sentenced For Operating a Multi-Million Dollar Fraud Scheme That Duped Investors

&NewLine;<h3 class&equals;"wp-block-heading">Chicago Woman Sentenced to Nearly 4 Years for Multi-Million Dollar Fraud Involving Bogus Event Ticket Business<&sol;h3>&NewLine;&NewLine;&NewLine;&NewLine;<p>CHICAGO — A Chicago woman has been sentenced to nearly four years in federal prison for operating a multi-million dollar fraud scheme that duped investors into believing she could earn profits on the secondary market for concert and sports tickets&period;<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<div class&equals;"mh-content-ad"><script async src&equals;"https&colon;&sol;&sol;pagead2&period;googlesyndication&period;com&sol;pagead&sol;js&sol;adsbygoogle&period;js&quest;client&equals;ca-pub-9162800720558968"&NewLine; crossorigin&equals;"anonymous"><&sol;script>&NewLine;<ins class&equals;"adsbygoogle"&NewLine; style&equals;"display&colon;block&semi; text-align&colon;center&semi;"&NewLine; data-ad-layout&equals;"in-article"&NewLine; data-ad-format&equals;"fluid"&NewLine; data-ad-client&equals;"ca-pub-9162800720558968"&NewLine; data-ad-slot&equals;"1081854981"><&sol;ins>&NewLine;<script>&NewLine; &lpar;adsbygoogle &equals; window&period;adsbygoogle &vert;&vert; &lbrack;&rsqb;&rpar;&period;push&lpar;&lbrace;&rcub;&rpar;&semi;&NewLine;<&sol;script><&sol;div>&NewLine;<p>TRACY MONTI fraudulently obtained more than &dollar;5 million from investors by misrepresenting that she could purchase tickets for sporting events and concerts from primary market sources at face value or at a discount through purported connections in the event business and then re-sell the tickets for a profit on the secondary market&period;&nbsp&semi; In reality&comma; Monti used the victims’ funds to purchase various items for herself&comma; including a house in Chicago&comma; a Dodge Challenger&comma; tattoos&comma; vacations&comma; and shopping sprees at Victoria’s Secret and Neiman Marcus&period;&nbsp&semi; Monti also made Ponzi-type payments to early investors&period;<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<p>Monti&comma; 44&comma; pleaded guilty earlier this year to one count of wire fraud&period; &nbsp&semi;U&period;S&period; District Judge Manish S&period; Shah on Tuesday sentenced Monti to 46 months in prison and ordered her to pay &dollar;4&comma;997&comma;958 in restitution to victims&period;<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<p>The sentence was announced by John R&period; Lausch&comma; Jr&period;&comma; United States Attorney for the Northern District of Illinois&semi; Jeffrey S&period; Sallet&comma; Special Agent-in-Charge of the Chicago office of the Federal Bureau of Investigation&semi; and Gabriel L&period; Grchan&comma; Special Agent-in-Charge of the Chicago office of the Internal Revenue Service Criminal Investigation Division&period;<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<p>The fraud scheme began in 2010 and continued until 2015&period; &nbsp&semi;Monti misrepresented to investors that she had business relationships with multiple primary sources&comma; such as event promoters and venues&comma; through which she could purchase tickets at face value before re-selling them for a profit&period; &nbsp&semi;Those relationships did not actually exist&period;&nbsp&semi; Monti victimized more than ten investors&comma; one of whom took money out of his pension to invest in Monti’s scam&period;<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<p>&OpenCurlyDoubleQuote;This case involves a brazen and merciless scheme to defraud&comma;” Assistant U&period;S&period; Attorney Sheri H&period; Mecklenburg argued in the government’s sentencing memorandum&period;&nbsp&semi; &OpenCurlyDoubleQuote;Defendant cast a wide net&comma; seeking victims wherever and whenever she could&period;”<&sol;p>&NewLine;&NewLine;&NewLine;&NewLine;<p><&sol;p>&NewLine;

Elder JusticeFinancial Fraud