A Chicago woman is facing federal charges foroperating a fraudulent multi-million-dollar concert and sporting event ticket scheme, authorities said.
Tracy Monty, 42, stole more than $5 million by misleading investors into believing that she could earn profits by selling concert and sporting event tickets on the secondary market, according to a statement from the U.S. Department of Justice.
She instead used her victims’ funds to buy a vehicle and a house in Chicago, and to make payments to “Ponzi-type” payments to other investors, prosecutors said.
Montypleaded not guilty Friday to seven counts of wire fraud and two counts of money laundering, prosecutors said. Each count of wire fraud carries a maximum penalty of up to 20 years in prison, and each count of money laundering carries a maximum sentence of up to ten years.
She was released on a recognizance bond, prosecutors said. Her next court date is scheduled for Nov. 7
