Feds: WFAN host Ran Ticket Ponzi Scheme to Pay Gambling Debts

A popular radio host is accused of running a ponzi scheme involving ticket sale fraud all in an effort to help pay off gambling debts. 

WFAN host Craig Carton, 48, and Michael Wright, 41, of Upper Saddle River, are charged with securities fraud, wire fraud, and conspiracy, the U.S. Attorney's Office for New York's Southern District said in a statement.

Carton used some of the money he illegally obtained to cover gambling debts, officials said.

"Behind all the talk, the Wright and Carton show was just a sham, designed to fleece investors out of millions ultimately to be spent on payments to casinos and to pay off other personal debt," Manhattan U.S. Attorney Joon H. Kim said. 

The two men appeared in court on Wednesday. 

This story is developing.

- Jagajeet Chiba, Gambling911.com