Michael Wright was sentenced to 21 months in prison for his role in the ponzi scheme that brought down former WFAN co-host Craig Carton. Wright diverted $2 million from investors to pay his own bills. The investors believed they were getting involved in a ticket selling business.
Wright said he was blinded by Carton’s fame and glamorous lifestyle. The judge didn’t buy it. U.S. District Judge Colleen McMahon said there was no difference between what Wright did and what Bernie Madoff did, except the scale of it.
McMahon said Wright diverted nearly half of the $2 million investment he received from a hedge fund to pay off his mortgage and credit card bills. The hedge fund was supposed to receive a share of profits from a ticket resale business.
Carton was found guilty in late 2018. He’ll be sentenced on April 5. He faces up to 45 years in prison.
