A former US maths teacher has been charged with wire fraud after he falsely told investors he would use their money to buy and resell wholesale quantities of tickets to events like Adele, the Superbowl and hit Broadway musical, Hamilton.
As Fairfax reports, New York teacher Jason Nissen was caught up in a Ponzi scheme in which he was using fresh cash to repay earlier investors. According to court papers, a diamond wholesaler in Manhattan loaned him $32 million USD and a private equity firm invested $40 million USD.
He reportedly only used some of this cash to buy concert tickets, not the vast quantities he claimed. All in all, he has reportedly scammed investors of more than $70 million USD.
In 2003, Nissen was caught scalping Dave Matthews Band tickets to his students for a profit, after which he was fired from his job.
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