"Boomer & Carton" co-host Craig Carton has resigned from WFAN, CBS Radio said Wednesday night, one week after he was accused of running a ticket Ponzi scheme.

"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," Carton said in a statement Wednesday night.

Carton was taken into custody by federal officials at his Manhattan home last Wednesday morning, and faces federal fraud charges.

He is accused of fleecing millions of dollars from sports and entertainment promotion companies by buying large blocks of concert tickets and selling them on the secondary market.

But prosecutors say Carton was instead pocketing the money and paying back other debts as part of a Ponzi scheme.

"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," CBS Radio said in a statement Wednesday night.

News of Carton's arrest seemed to surprise his show co-host, Boomer Esiason, last week.

"I'm taken aback and surprised by it. Just like I'm sure everybody else is. I have no other information, there's nothing else I can say. I thought he called in sick this morning, but unfortunately my partner was arrested," Esiason said last Wednesday.