NEW YORK (AP) -- New York sports radio personality Craig Carton quit his “dream job” on WFAN Wednesday, saying he didn’t want to be a distraction as he faces federal charges that he cheated investors to pay off gambling debts.

Carton co-hosted “Boomer and Carton” with former NFL quarterback Boomer Esiason until his arrest last week on charges that he misappropriated at least $5.6 million from two investors.

In a statement, he said “unfounded legal issues currently plaguing me will only be a distraction to everyone at WFAN and the show I helped build.”

“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,” he said.

He suggested that he would return someday to the airwaves.

“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,” he said. “For 10 years I’ve had the great privilege of showing up to work every day at my dream job.”

Carton quit a week after federal authorities arrested him, saying he used a Ponzi scheme to fool investors into giving him millions of dollars to pay off gambling debts to casinos and elsewhere.

On Tuesday he had vowed to fight the charges, saying his fans would see he was not guilty and he’d be back “stronger than ever.”

CBS, which owns WFAN and says it’s cooperating with authorities, confirmed in a statement that it had accepted Carton’s resignation.

“We appreciate all of his contributions over the last decade and wish him and his family well during this next phase,” according to the statement from CBS Radio. “The search for a replacement co-host for the morning show will begin immediately.”

Carton, 48, of Manhattan, remains free on $500,000 bail.