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Film financier Jason Cloth indicted in alleged $100M Ponzi scheme tied to movie funding
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104.1 KSGF
Film producer Jason Cloth, who financed “Joker,” “Ghostbusters: Afterlife” and dozens of other movies, has been indicted by a federal grand jury on wire fraud charges in connection with what prosecutors say was a $100 million Ponzi scheme.
The indictment against Cloth, 60, was unsealed Tuesday in U.S. District Court in Chicago.
The indictment alleges Cloth solicited money from investors, telling them the funds would be used for a film or a video game platform.
Instead, the indictment alleges, he used the money for other projects like a Canadian real estate development and to pay off earlier investors.
Several attorneys representing Cloth in lawsuits in Florida and California did not immediately respond to a request for comment.