SEC Settles With Florida Pop Music Promoters

The Securities and Exchange Commission said it reached a settlement with Jack Utsick and two other music promoters, charging them with a $300-million securities fraud involving shows by pop stars.

The SEC accused Utsick and partners Robert and Donna Yeager of selling securities to more than 3,300 investors nationwide from 1998 to 2005, promising returns of 15% to 25%.

Utsick and the Yeagers have agreed to permanent injunctions, asset freezes, repayments of amounts received and penalties, but no penalty amounts have been set, the SEC said.