Film financier Jason Cloth indicted in alleged $100M Ponzi scheme tied to movie funding
Summary
Film producer Jason Cloth has been charged by a federal grand jury with wire fraud in a $100 million Ponzi scheme involving movie funding. Prosecutors say he promised investors their money would go to films or video games but used it for other projects and to pay earlier investors.Key Facts
- Jason Cloth financed movies like “Joker” and “Ghostbusters: Afterlife.”
- He was indicted in Chicago and arrested in Los Angeles on wire fraud charges.
- Cloth allegedly raised over $100 million from investors claiming it would fund films or video games.
- Instead, he used the money for a Canadian real estate project and to pay back previous investors.
- The charges include seven counts of wire fraud, each carrying up to 20 years in prison.
- Authorities want Cloth to forfeit more than $12 million.
- The FBI is asking anyone who may be a victim to contact their Chicago office.
- Cloth and his company are also involved in other ongoing legal cases and investigations related to similar fraud allegations.
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