Producer Of Oscar-Winning Films Accused Of $100M Ponzi Scheme
Prosecutors say he used investor money to repay earlier backers and divert more than $12.25 million to other projects.
- Federal prosecutors in Chicago indicted Beverly Hills film producer Jason Cloth on Tuesday on seven counts of wire fraud, alleging he operated a $100 million Ponzi scheme.
- Between 2019 and 2026, Cloth allegedly diverted funds intended for film projects into a Canadian real estate development while using new investor money to repay prior investors.
- The executive producer, whose credits include "Joker" and "Ghostbusters: Afterlife," was arrested Tuesday in Los Angeles, with prosecutors seeking forfeiture of at least $12.25 million.
- Each wire fraud count carries a theoretical maximum of 20 years in federal prison, and the FBI's Chicago Field Office is urging potential victims to contact them.
- Creative Wealth Media, Cloth's former firm, declared bankruptcy in 2023 amid lawsuits accusing him of shuffling investments to repay outstanding loans.
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‘Joker’ Jason Cloth charged with wire fraud in alleged $100 million investment scam
A federal grand jury has indicted Jason Cloth, who has produced films like Joker and Ghostbusters: Afterlife, among others, on wire fraud charges, per the Associated Press. The charges against Cloth relate to a $100 million Ponzi scheme. The indictment against the film financier was unsealed at a U.S. District Court in Chicago on Tuesday,...
Jason Cloth, producer of "Joker", was arrested in Los Angeles for an alleged Ponzi scheme that affected investors for $100 million
'Joker' producer indicted in alleged $100 million fraud scheme
A Los Angeles film producer credited on the Oscar-winning film "Joker" has been indicted on federal fraud charges alleging he orchestrated a scheme that defrauded investors of more than $100 million, according to the U.S. Department of Justice.
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