Doctor: Concert promoter in $200 million fraud is bipolar
MIAMI — A former concert promoter who staged tours worldwide by acts such as the Rolling Stones, David Bowie and Fleetwood Mac suffers from long-term bipolar disorder that likely affected his judgment in orchestrating a $200 million fraud scheme, a doctor testified Friday in the promoter’s sentencing hearing.
Psychiatrist Michael Hughes said Jack Utsick, 73, had many classic hallmarks of bipolar disorder such as visions of grandiosity, inflated self-esteem and excessive activities that can have painful consequences. Utsick also likely truly believed he was not ripping off thousands of investors in his Worldwide Entertainment Inc. company, the doctor added.
“He always felt he was the smartest guy in the room and that he could beat the system,” Hughes said. “If he had a disappointment, he couldn’t tolerate that. He had to find a way to overcome it.”
Later, Hughes said his recent examinations show Utsick hasn’t changed much. “He still thinks that way. I wouldn’t invest with him,” he testified.