NEW YORK — A ticket reseller on Long Island man has admitted to running a multimillion-dollar Ponzi scheme that defrauded victims of more than $60 million.
Federal prosecutors say 45-year-old Jason Nissen, of Roslyn, pleaded guilty on Wednesday to wire fraud.
Prosecutors say Nissen raised funding from two sources to buy blocks of tickets for major sports events and Broadway shows. He was supposed to sell the tickets for profit but authorities say he instead used the money for himself and to repay investors.
Nissen was suspended in 2003 from his job teaching math at a Queens school for selling tickets to a free Dave Matthews concert to students. He was fired the next year.