Craig Carton quits WFAN radio show

NEW YORK (FOX 5 NEWS) - Facing federal criminal charges, Craig Carton has resigned from his job as co-host of WFAN's "Boomer and Carton," according to a statement posted on social media.

"Unfortunately, the unfounded legal issues currently plaguing me will only be a distraction to everyone at WFAN and the show I helped build," the radio personality said in a statement that appeared on TwitLonger.com. "I am sad to see this chapter of my life close but know that it will allow me to focus on my family, my well-being and clearing my name, while giving the show the best opportunity to succeed without further disruption."

Federal agents busted Carton, 48, at his home in Manhattan on September 6 for allegedly running a Ponzi scheme. He allegedly told investors that they could make big money reselling low-cost tickets to see Katy Perry, Adele, Justin Bieber, and others in concert, federal prosecutors said in court documents.

Sources told Fox 5 that Carton claimed to have contracts with two different companies to buy the tickets but in reality had no such sources.

Authorities said he raised more than $5 million to, in part, repay millions of dollars in gambling debts.

Carton faces conspiracy, securities, and wire fraud charges. He is free on bail.