Fake concert promoter gets charged with million-dollar fraud [Video]

A north Texas man has been arrested after prosecutors said he was acting as a fake promoter.

The indictment claimed that Carlos Goodspeed operated under the assumed business name, ‘Straight Like That Entertainment’ and convinced investors he was a concert promoter working in partnership with a multinational event marketing company.

He would claim to promote concerts like Beyoncé and Nikki Minaj and would ask for hefty investments that guaranteed returns as high as 50% in a short period of time. Those profits were never materialized.

Instead, according to the indictment, Goodspeed used the money for personal expenses, including rental payments at an upscale apartment complex, a purchase at a high-end retail store, airline fees, and hotels. He would also make small payments to other duped investors.

Due to Goodspeed’s alleged fraud, investors collectively lost over one million dollars. Goodspeed faces three counts of wire fraud and 60 years in prison …