American Greed: The Fugitives Episode 12: Hard-Rocking Fraudster

Hard-Rocking Fraudster

Hard-Rocking Fraudster

Jack Utsick, a concert promoter, flees when the SEC accuses him of running a $300 million investment fraud.

Video Clips

  • Beware of sloppy accounting

    Jack Utsick was living the high life as a top concert promoter until he was accused of a $300 million fraud. His investors had some concerns but never knew that Utsick was allegedly robbing them blind.

  • Homeowners ripped off

    After the fraudster was featured on CNBC’s "American Greed: The Fugitives," the FBI got tips that led to his arrest.

  • The Los Angeles Times reports on fugitive David Kaup’s arrest.

  • A list of Kaup's outrageous spending

    David Kaup lost millions gambling clients' money on the foreign exchange markets. But in bankruptcy court, he claimed the money went to even stranger places, according to investor Joseph Hoffman.

  • Partying in plain sight

    Hear from investor Bill Armstrong on how David Kaup has kept the party going by using aliases such as, "New Age Dave."

Case Files

  • By: Source: John Unangst (Investor)

    Jack Utsick sent flyers and promotional materials to investors. Here’s a 1994 newsletter.

  • By: Source: John Unangst (Investor)

    Here’s a 2003 newletter that Jack Utsick sent out to investors touting his companies accomplishments for the year.

  • By: Source: John Unangst (Investor)

    Jack Utsick demanded big money for investors to participate in big name acts.