ORLANDO, FL (CelebrityAccess) — A Florida man is facing more than four years in prison after he was sentenced for his role in a multimillion-dollar concert Ponzi scheme.
U.S. District Judge Paul G. Byron sentenced Edison Denizard, 41, of Orlando, to four years and nine months in federal prison after Denizard pleaded guilty to wire fraud charges related to the concert scheme.
Prosecutors alleged that between March 2016 and June 2017, Denizard raised millions of dollars from dozens of victims who thought they were investing in specific concerts through a business owned by Denizard and a co-conspirator, Andres Fernandez.
Denizard lured his alleged victims by promising large returns on their investments in shows by artists such as Drake, Garth Brooks, Pitbull, The Weeknd, and Maná. However, neither Denizard nor Fernandez were involved in most of the events.
Denizard used the proceeds from the concert investments to repay funds to investors from previous alleged schemes, to purchase a new, lakefront home, and to support his lifestyle, including making car payments and travel expenses. In total, victim’s losses amounted to more than $7.4 million, Federal prosecutors said.
Denizard pleaded guilty to his role in the investment scheme in October. Fernandez, who was the instigator of the scheme, previously pleaded guilty to 12 counts of wire fraud and was sentenced last year to 10 years in federal prison.