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Chicago woman faces federal charges in alleged ticket scam

Posted October 22, 2016 7:00 am

The Associated Press

CHICAGO (AP) - A Chicago woman faces federal charges for allegedly operating a fraudulent multi-million-dollar concert and sporting event ticket scheme.

Forty-two-year-old Tracy Monty pleaded not guilty Friday to seven counts of wire fraud and two counts of money laundering. She was released on a recognizance bond pending her next hearing, set for Nov. 7.

The Chicago Sun-Times reports (http://bit.ly/2dJK8A1 ) that prosecutors allege that Monty stole more than $5 million by misleading investors into believing that she could earn them profits by selling concert and sporting event tickets on the secondary market.

Prosecutors say she instead used her victims' money to buy a vehicle and a house in Chicago. She also allegedly used funds to make payments to "Ponzi-type" payments to other investors.

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Information from: Chicago Sun-Times, http://chicago.suntimes.com/

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