McKinney Concert Promoter Sentenced for $1.7 Million Fraud

A concert promoter who bilked investors, performers and other promoters out of at least $1.7 million has been sentenced to nearly five years in federal prison.

Gabriel Reed was sentenced Monday in Los Angeles. He pleaded guilty last fall to wire fraud.

Reed, a former Malibu resident who now lives in McKinney, Texas, ran a company that promised to set up rock concerts and wrestling events using celebrities and musicians Reed claimed to know.

Prosecutors say Reed even created phony artist contracts, bank statements and other documents to convince investors.

But prosecutors say the concerts either didn't take place, didn't feature the celebrities or were cancelled, leaving musicians and promoters to face angry fans while Reed spent the money on himself.

Copyright AP - Associated Press
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