Arts & Entertainment
Promoter Sent To Prison For Conning Investors Out Of $1.7 Million
He admitted that he defrauded his victims by making false promises and then using their money for personal expenses, authorities said.
MALIBU, CA – A former Malibu resident and promoter who operated in West Hollywood was sentenced Monday to 57 months in federal prison for conning investors in concerts and World Wrestling Entertainment events out of at least $1.7 million. Gabriel Martin Reed, 47, pleaded guilty in November to one count of wire fraud and admitted that he defrauded his victims by making false promises and then using their money for personal expenses, according to the U.S. Attorney's Office.
Reed operated as Gabe Reed Productions and lied to his investors by telling them that events were scheduled, various well-known stars had agreed to participate, and funds would be used to organize and promote the shows. Reed then used investor funds to pay for child support, rent, travel expenses and meals at Ruth's Chris Steak House and Mr. Chow in Beverly Hills, instead of using the money as he had promised.
Reed represented himself as a promoter and organizer of hard rock music events, as well as wrestling matches, for about nine years. He solicited investors by touting longstanding relationships with name musicians, showing props from alleged previous tours, and, in some instances, creating bogus financial records.
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When he pleaded guilty in Los Angeles federal court, Reed specifically admitted defrauding one Los Angeles investor, who agreed to put $100,000 into a 2016 concert tour Reed was calling "Titans of Rock." However, many of the promised artists had not agreed to participate in the purported tour.
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Prosecutors have asked U.S. District Judge Philip S. Gutierrez to order Reed to pay restitution. The court will schedule a hearing, likely early this summer, to determine the amount of restitution.
City News Service and Patch staffer Emily Holland contributed to this post; Image via Shutterstock
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