A Canadian film producer has been arrested and charged with seven counts of wire fraud after allegedly engaging in a Ponzi scheme by using US$100 million in investor funds to repay prior investors.<\/p>\n
According to an indictment unsealed by the U.S. Attorney\u2019s Office in the Northern District of Illinois, from 2019 to 2026, 60-year-old Jason Cloth of Beverly Hills, Calif., solicited various clients to invest in film and entertainment projects.<\/p>\n
\u201cCloth fraudulently obtained more than $100 million from (an) Illinois investment advisor, the advisor\u2019s clients, and other investors based on false representations about the performance and value of their investments,\u201d a press <\/a>release<\/a> said on Wednesday.<\/p>\n \u201cCloth knew at the time of the investments that he would use the money for other purposes, including the development of a real estate project in Canada,\u201d the release added.<\/p>\n Cloth, who operates the Canadian-based Creative Wealth Media Finance Corp., was arrested Tuesday in Los Angeles where he made an initial court appearance, according to the release.<\/p>\n Prosecutors are seeking at least $12.25 million from Cloth for the projects identified in the indictment. <\/p>\n This is a developing story. More details to come\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"A Canadian film producer has been arrested and charged with seven counts of wire fraud after allegedly engaging…\n","protected":false},"author":2,"featured_media":834381,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[712,43,44,41,39,42,40],"class_list":["post-834380","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-apple-news","tag-headlines","tag-news","tag-top-news","tag-top-stories","tag-topnews","tag-topstories"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/834380","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=834380"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/834380\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/834381"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=834380"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=834380"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=834380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}