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Tuesday, March 24, 2015
Wonder Blunder Defendant Indicted on Investment Fraud
By News Release @ 10:48 PM :: 6193 Views :: Higher Education, Law Enforcement

Indictment Charges Two with Using Phony Concert Promotions to Scam Investors

News Release from U.S. Attorney’s Office Eastern District of Pennsylvania, March 24, 2015

PHILADELPHIA—Marc Hubbard, 46, of Cornelius, North Carolina, and Franklin Green, 45, of Washington, DC, were charged by indictment, unsealed today, in a conspiracy to defraud victims who thought they were investing in concert promotions. The defendants are each charged with one count of conspiracy and seven counts of wire fraud, announced United States Attorney Zane David Memeger. The fraud scheme involved approximately $2 million.

Hubbard was president of Sports Dimensions, Inc. (“SDI”) which purported to specialize in concert promotions and nightclub management, and was also president of Castle Entertainment which purported to specialize in nightclub management. Green, a lawyer in Washington, DC, was formerly a lawyer in Philadelphia, PA.

According to the indictment, Hubbard portrayed himself and SDI as highly successful concert promoters and falsely represented approximately $14,277,068 in ticket sales from July 2006 to January 10, 2008. He allegedly promised investors an approximate return of 25-30% on their short-term investments with SDI. Green was Hubbard’s attorney and allegedly negotiated or assisted in the negotiation of the contracts with Hubbard’s investors. Hubbard allegedly told investors that their funds were protected by a $10 million surety bond which was offered as collateral on most of the investors’ contracts but he did not tell them that the surety bond was bogus. It is further alleged that Hubbard provided investors with false documentation of his own financial solvency as well as SDI’s and Castle’s.

According to the indictment, instead of using the investors’ funds for concert promotions, Hubbard used the money to pay earlier investors and to pay his personal and business expenses. In total, it is alleged that investors gave Hubbard approximately $2,125,000 to invest and only received approximately $326,500 in return. Hubbard allegedly took at least $1,798,500 from his victims and, of that amount, Green took approximately $333,000.

If convicted, the defendants each face a maximum possible statutory sentence of 20 years in prison with a possible advisory sentencing guideline range of 33 to 57 months in prison, restitution, a fine of up to $250,000, an $800 special assessment, and three years of supervised release. The indictment also contains a notice of forfeiture for $2,125,000.

The case was investigated by the U.S. Postal Inspection Service and the Federal Bureau of Investigation and is being prosecuted by Assistant United States Attorney Jennifer C. Barry.

This content has been reproduced from its original source.

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CO: Charlotte club owner faces federal charges in Philadelphia

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