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Florida man accused of fraud in ticket business scheme

Posted at 12:52 PM, Jun 14, 2021
and last updated 2021-06-14 12:52:57-04

TAMPA, Fla. (AP) — A Florida man is accused of defrauding investors he recruited for a ticket business opportunity.

The federal indictment against 52-year-old Thomas Coelho charges him with two counts of wire fraud. It also notifies Coelho that the U.S. government is seeking to recover $1.8 million, the amount he is estimated to have made from the scheme.

Federal prosecutors say Coelho used his entertainment industry connections to make it seem like he had access to tickets.

The indictment says he recruited investors for an opportunity involving buying event tickets and reselling them for a profit, but he primarily used their money for personal expenses.