Popular morning sports talk radio host Craig Carton announced his resignation from the "Boomer and Carton" show on CBS Corp.'s (CBS) - Get Report  CBS Radio-owned WFAN in New York. 

The announcement comes just one day after Carton vowed to come back to the show after clearing his name over accusations that he ran a $5.6 million Ponzi scheme to repay his own gambling debts.

Carton was suspended after he was arrested earlier this month and could face up to 45 years in prison for his role in the alleged scheme. 

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

More of What's Trending on TheStreet: