2015
David Elliott Rosen of Austin was indicted Aug. 18 in Travis County State District Court on charges of securities fraud, theft, money laundering, and misapplication of fiduciary property for stealing money from people who bought membership interests in music concerts that were to be produced by his company, Rozone Productions LLC and Illuminated Entertainment Group LLC.
Rosen sold at least $1.9 million from investors who bought investment contracts and promissory notes in his "Concert Investment Program." The indictment alleges that Rosen used investor funds to pay his personal expenses and did not disclose that previous investors in his investment program did not receive the returns that were promised to them.
Rosen also misrepresented to investors that he would use their money to secure specific music artists and to fund the general operational expenses of his concert promotion businesses.