Woman Charged With Setting Up Phony Ticket Scheme

CHICAGO (CBS) -- A Chicago woman is facing federal charges for operating a fraudulent multi-million-dollar concert and sporting event ticket scheme, authorities said.

Tracy Monty, 42, stole more than $5 million by misleading investors into believing that she could earn profits by selling concert and sporting event tickets on the secondary market, according to a statement from the U.S. Department of Justice.

She instead used her victims' funds to buy a vehicle and a house in Chicago, and to make payments to "Ponzi-type" payments to other investors, prosecutors said.

Monty pleaded not guilty Friday to seven counts of wire fraud and two counts of money laundering, prosecutors said. Each count of wire fraud carries a maximum penalty of up to 20 years in prison, and each count of money laundering carries a maximum sentence of up to ten years.

She was released on a recognizance bond, prosecutors said. Her next court date is scheduled for Nov. 7.