Carton was arrested last week and charged with conspiracy in Manhattan federal court in an alleged multimillion-dollar ticket-resale Ponzi scheme.
"Unfortunately, the unfounded legal issues now plaguing me will only be a distraction to everyone at WFAN and the show I helped build". He announced Wednesday he had submitted his resignation and it was accepted.
News broke last week when WFAN morning show host Craig Carton was arrested on September 6 for allegedly running a Ponzi scheme that took millions of dollars away from investors.
The trial has yet to take place for Carton but Smith does remember all of the criticism he's received from the former WFAN host. "Craig is a victim who was deceived, manipulated and used by individuals seeking to gather assets for their own fraudulent schemes".
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In his statement, Carton said he has "nothing but love" for his co-host and the radio station. "The search for a replacement co-host for the morning show will begin immediately".
Carton says he badly wants to tell his side of the story to his listeners, but "can't at this time".
"We appreciate all of [Carton's] contributions over the last decade and wish him and his family well during this next phase", CBS stated. It is also simulcast on CBS Sports Network TV.
The New York Post following the arrest questioned how much money collected by Carton's charity focusing on Tourette's Syndome went to help that cause, while indicating large sums went to sponsoring events.