Carton has been charged with securities fraud, wire fraud and conspiracy.
As you probably know by now, WFAN radio host Craig Carton was arrested yesterday morning by the FBI stemming from his alleged involvement in an investment scam that reportedly defrauded investors out of over $5.6 million in order to pay back gambling debts.
Today, Sports Illustrated’s legal analyst Michael McCann delved into the legal ramifications of the case for Carton.
According to McCann, Carton could face a maximum of 45 years in prison and up to $5 million in fines, though it is unlikely he’ll receive the max sentence as he has no prior record.
Carton faces three very serious charges. Securities fraud refers generally to deceptive practices concerning the value of a company. It can consist of false statements and misleading representations about a company and its financial instruments. Wire fraud, in contrast, consists of using wire communications that cross state boundaries to unlawfully defraud others. Securities fraud and wire fraud each carry a maximum sentence of 20 years in prison. For its part, conspiracy centers on defendants who share a plan and who undertake overt acts to further a criminal enterprise. A conviction on conspiracy carries a maximum of 5 years in prison.
Carton, however, is not the only defendant in the case, as he’s joined by alleged co-conspirator Michael Wright who was also charged. This dynamic could also shape the legal outcome for both defendants, especially if Carton or Wright choose to remain silent. Carton also has no prior record – which could weigh in his favor.
Safe to say, things don’t look good for Carton moving forward, as according to McCann law enforcement has “intimate knowledge of Carton’s financial dealings.”
You can read the entire report here.