Ross, who now lives in Berkeley, Calif., headed RDA Group. He claimed the Atlanta-based firm would use the money to promote the concerts. He told the investor that the money would be used for upfront expenses and that he'd be repaid with interest.
The shows never took place, the investor was never repaid and Ross admitted that he used most of the money for his own benefit.
He pleaded guilty last year to wire fraud.
The investor's name was not disclosed.