Craig Carton Resigns After Being Charged in Multimillion Dollar Ponzi Scheme

Craig Carton resigned from WFAN in New York City after he was arrested for allegedly being part of a Ponzi scheme totaling $5.6 million. 

ABC's Matt Stone shared a statement from Carton confirming his departure:

According to NJ Advance Media's Jeff Goldman, the scheme centered around concert tickets. Carton and two others allegedly told investors they had access to tickets that would be purchased at face value and then resold for a profit on secondary markets.

The group allegedly claimed to have agreements with arenas and a music promotion company that were never in place. Federal authorities allege Carton forged documents that purportedly corroborated the claim, per Goldman.

The New York Post's Lia Eustachewich, Priscilla DeGregory and Bruce Golding reported Carton also allegedly signed a $10 million revolving loan agreement with a hedge fund. Carton and Joseph Meli then allegedly "used an initial $2.6 million investment to pay various casinos Carton owed, help pay off the first Ponzi victim and pay off other victims of Meli's earlier scheme."

Carton began working in WFAN in September 2007, when he partnered with former NFL quarterback Boomer Esiason for the morning show Boomer and Carton.