{"id":417166,"date":"2026-07-29T22:30:08","date_gmt":"2026-07-29T22:30:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/417166\/"},"modified":"2026-07-29T22:30:08","modified_gmt":"2026-07-29T22:30:08","slug":"hollywood-producer-jason-cloth-accused-of-100m-ponzi-scheme-nbc-los-angeles","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/417166\/","title":{"rendered":"Hollywood producer Jason Cloth accused of $100M Ponzi scheme \u2013 NBC Los Angeles"},"content":{"rendered":"<p>A film producer behind a number of award-winning movies is facing federal charges for allegedly defrauding his clients more than $100 million for a Ponzi scheme, the Department of Justice (DOJ) announced Wednesday.<\/p>\n<p>Jason Cloth 60, of Beverly Hills was charged with seven counts of wire fraud after he was accused of soliciting clients to invest in purported entertainment projects with his Canadian-based company called Creative Wealth Media Finance Corp, the DOJ said. <\/p>\n<p>Authorities alleged from 2019 and 2026, Cloth fraudulently obtained more than $100 million from his investors based on &#8220;false representation,&#8221; officials said <\/p>\n<p>&#8220;Cloth 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,&#8221; the indictment stated.<\/p>\n<p>Federal prosecutors said Cloth ran a Ponzi scheme by using some investor funds to repay prior investors.<\/p>\n<p lang=\"en\" dir=\"ltr\">A Beverly Hills man, Jason Cloth, 60, was arrested by FBI Agents on Tuesday after being charged with wire fraud following an investigation by the FBI&#8217;s Chicago Field Office which is seeking to identify potential victims. The FBI believes that Cloth sought investments for various\u2026 <a href=\"https:\/\/t.co\/IbTl4SFLFk\" rel=\"nofollow\">pic.twitter.com\/IbTl4SFLFk<\/a><\/p>\n<p>\u2014 FBI Los Angeles (@FBILosAngeles) <a href=\"https:\/\/x.com\/FBILosAngeles\/status\/2082561641393066446?ref_src=twsrc%5Etfw\" rel=\"nofollow\">July 29, 2026<\/a> <\/p>\n<p>The indictment seeks forfeiture from Cloth in the amount of at least $12.25 million. <\/p>\n<p>Each count of wire fraud is punishable by up to 20 years in federal prison, prosecutors noted.<\/p>\n<p>Cloth was named the executive producer a number of critically acclaimed films, such as &#8220;Licorice Pizza,&#8221; &#8220;Judas and the Black Messiah&#8221; and &#8220;Bombshell.&#8221;<\/p>\n<p>The FBI urged potential victims or those with information about Cloth to reach out. <\/p>\n<p>\t\t\t\t\t\t\t\t\t<script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"A film producer behind a number of award-winning movies is facing federal charges for allegedly defrauding his clients&hellip;\n","protected":false},"author":2,"featured_media":417167,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[7045,13074,48,52,51,47,50,49],"class_list":["post-417166","post","type-post","status-publish","format-standard","has-post-thumbnail","category-los-angeles","tag-department-of-justice","tag-fraud-false-statements","tag-la","tag-la-headlines","tag-la-news","tag-los-angeles","tag-los-angeles-headlines","tag-los-angeles-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/417166","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=417166"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/417166\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/417167"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=417166"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=417166"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=417166"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}