CHARLOTTE, N.C.–Β Charlotte club owner and concert promoter Marc Hubbard is facing Federal Wire Fraud and Federal Conspiracy charges in Philadelphia for his role in allegedly defrauding investors with the promise of large returns from concert investments.
Hubbard, 46, and Franklin Green, 45, of Washington D.C., are said to have defrauded associates of nearly $2 million according to Zane David Memeger, the U.S. Attorney for the Eastern District of Pennsylvania.
According to Hubbard’s website, he has operated numerous clubs and promoted several big-name hip-hop acts such as Jay-Z, Beyonce, and Alicia Keys. His dealings, however, have often been criticized and even led to litigation at times. A Honolulu Federal Grand Jury indicted Hubbard for wire fraud in 2012 for a Stevie Wonder concert that never materialized and became known as the “Wonder Blunder”.Β Hubbard pleaded not guilty and is still awaiting trial in that matter.
The current indictment alleges that Hubbard depicted himself as a successful concert promoter with millions of dollars in ticket sales and used his company, Sports Dimensions Incorporated, to solicit investments for future concerts with the promise of returns of 25-30% on short term investments, but instead used the money to pay other investors and to cover personal and business expenses. The indictment suggests that investors gave Hubbard $2 million and only received $326,500 in return. Hubbard is supposed to have taken $1,798,500 in the scheme and Green is alleged to have taken $333,000 from that amount.
Hubbard was released on $25,000 unsecured bond after appearing before a magistrate judge in Charlotte last week.
An attorney for Hubbard, Pete Anderson, said his client βfully intends to defend himself, and remains confident that he will clear his name.β
According to Anderson, Hubbard was aware of the investigation, but surprised by the charges.
βMr. Hubbard is a self-made, college educated, and hard-working businessman who has promoted many successful concerts in the past,β Anderson said, declining further comment.
Hubbard and Green face a maximum of 20 years in prison if convicted.
