WFAN morning host Craig Carton has been arrested on federal charges related to white collar crime. Carton and co-defendant Michael Wright are accused of running a bogus discount ticket broker business which ripped off a few million dollars from investors.
According to reports, Carton’s involvement in a ponzi scheme resulted in investors being duped out of $5.6 million dollars. The funds were reportedly used to help cover Carton’s gambling debts.
If found guilty, Carton could face a maximum of 45 years in prison and millions of dollars of fines.
“The Carton and Wright show was just a sham, designed to fleece investors out of millions ultimately to be spend on payments to casinos and … other personal debt,” said U.S. Attorney Joon Kim.
A 26-page Securities and Exchange Commission filing accuses Carton of lying to investors. The sports radio host went as far as sending phony documents and e-mails to his unsuspecting business partners.
“Carton’s deceit did not stop with providing fake documents. When (one investor) made its $2 million investment, Carton misappropriated the money by lying,” according to the court papers.
Carton was arrested by FBI agents at his Manhattan home, causing him to miss his morning show with Boomer Esiason. The former NFL quarterback told the audience on Wednesday morning that he was taken aback by the news and had no idea of Carton’s issues.
In a statement, Carton’s employer CBS Radio, said it was “aware of the situation” and is cooperating with authorities.
WFAN is already facing a massive challenge having to find a successor for Mike Francesa in afternoons. Should Carton’s situation become one that requires future changes in mornings, it could put New York’s top rated sports radio station in a very difficult position.
Jason Barrett is the Founder and CEO of Barrett Media. The company launched in September 2015 and has provided consulting services to America’s top audio and video brands, while simultaneously covering the media industry at BarrettMedia.com, becoming a daily destination for media professionals. Prior to Barrett Media, Jason built and programmed 95.7 The Game in San Francisco, and 101 ESPN in St. Louis. He was also the first sports programmer for SportsTalk 950 in Philadelphia, which later became 97.5 The Fanatic. Barrett also led 590 The Fan KFNS in St. Louis, and ESPN 1340/1390 in Poughkeepsie, NY, and worked on-air and behind the scenes at 101.5 WPDH, WTBQ 1110AM, and WPYX 106.5. He also spent two years at ESPN Radio in Bristol, CT producing ‘The Dan Patrick Show’ and ‘GameNight’. JB can be reached on Twitter @SportsRadioPD or by email at Jason@BarrettMedia.com.
