Jason Nissen, the former CEO of the National Event Ticket Company currently facing federal fraud charges in New York, is seeking a plea bargain, according to a story on Islandnow.com.
Nissen is facing charges related to an alleged Ponzi scheme where he enlisted investors to buy into a scheme to buy tickets to hot events like “Hamilton” and the Super Bowl. After reeling them in, he used new money to pay off old investors and enrich himself.
“They’re inflated numbers. We really had those events and really sold the tickets and they’re inflated, you know, two or threefold depending on how it was,” Nissen said in a taped conversation, according to the complaint.
NECO filed for bankruptcy protection in New York soon after Nissen was arrested, with Nissen waiving a formal indictment and entering a not guilty plea last week before U.S. Magistrate Judge Gabriel Gorenstein in Manhattan. Nissen’s defense lawyer, Michael Bachner, says he is working toward a plea deal. “It is Mr. Nissen’s intent to work out an amicable resolution, and we saw no reason to force the prosecutors to expend the time to go to a grand jury,” Bachner said in a statement.
If a plea deal is reached, it will no doubt be interesting to see the fallout. Will the disgraced broker offer connections within the industry to save his own hide? Will we learn of corruption among New York promoters that helped get the Ponzi scheme off the ground in the first place?
Obviously, we’ll keep an eye on the Jason Nissen case as it unfolds.