Craig Carton has formally resigned from CBS Radio Sports WFAN (The Fan)/New York, amidst charges of running a Ponzi scheme and swindling money. In a statement, CBS Radio said, “WFAN has accepted Craig Carton’s resignation. We appreciate all of his contributions over the last decade and wish him and his family well during this next phase. We are especially grateful to our dedicated employees, sponsors and listeners for their continued support of The Fan. The search for a replacement co-host for the morning show will begin immediately.”

In his own statement, Carton wrote, “For 10 years I’ve had the great privilege of showing up to work every day at my dream job. I have nothing but love and respect for my co-host, the show and the entire CBS Radio family and I’ve always tried to represent them in the best possible light.

Unfortunately, the unfounded legal issues currently plaguing me will only be a distraction to everyone at WFAN and the show I helped build. With that in mind, I have submitted my resignation to the station and they accepted. 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.

I’ve always felt a personal connection to our listeners and want to thank them for making me a part of their daily routine. I hope they can respect the fact that as much as I want to talk about the allegations against me I can’t at this time. There will come a time when I will be able to speak directly about the case and I hope our listeners will be there.

From the bottom of my heart, I’d like to thank my family, friends, listeners and especially the executives at WFAN and CBS Radio for their continued understanding and for giving me the most amazing platform to do what I love to do the most, besides being with my family.”

Last week, Carton was arrested by federal agents on criminal charges of securities fraud, wire fraud and conspiracy to commit those offenses. Carton and another individual were charged with defrauding investors of over $5.6 million dollars in a Ponzi scheme involving access to concert tickets. He reportedly used the funds to cover his gambling debts and repay other investors.

He spent the last decade co-hosting mornings on the Sports talk station with Boomer Esiason.