Former Radio Host Craig Carton Arraigned In Alleged Ponzi Scheme

NEW YORK (CBSNewYork) -- Disgraced radio host Craig Carton was in a Manhattan courtroom Wednesday afternoon, arraigned on charges related to a multi-million dollar ticket Ponzi scheme.

After entering a plea of not guilty, the former shock jock read a statement outside of Federal court.

"I was shocked when I was arrested," the statement said. "My business was licensed by the state of New York to sell tickets."

Carton wouldn't answer any questions on the allegations which cost him his job, his reputation, and possibly his freedom.

"It's devastating. There's no other word for it," the 48-year-old told USA Today in an exclusive interview. "It's thrown my entire life upside down. I have to talk to my kids about things they may not understand."

In September, Carton was taken into custody at his home. He's accused of running the operation with a partner allegedly using about $4.6 million of investors' money, promising A-list concert tickets. Instead, prosecutors say Carton used the money to pay gambling debts.

He was suspended from his job as co-host on WFAN's "Boomer & Carton" and resigned soon after.

"I was employed for 10 years at my dream job," Carton said. "I have no income now. I'm raising a family of four kids."

In the interview, Carton would not discuss details of the case or what role he may have played in the alleged scheme.

Carton's attorney says they're planning to plead not guilty to federal charges of securities fraud, wire fraud and conspiracy.

Carton is currently out on $500,000 bond.

If convicted, he faces a maximum 45 years in prison.