Film Producer Accused of Operating $100 Million Pyramid Scheme
· Telemundo McAllen (KTLM)
Film producer Jason Cloth, who financed 'Joker,' 'Ghostbusters: Afterlife,' and dozens of other films, was indicted by a federal grand jury on charges of wire fraud related to what prosecutors claim was a $100 million pyramid scheme. The indictment against the 60-year-old Cloth was made public on Tuesday in the U.S. District Court in Chicago. Cloth was arrested the same day in Los Angeles, where he made his initial court appearance, according to the U.S. Attorney's Office for the Northern District of Illinois. The indictment alleges that Cloth solicited money from investors, telling them the funds would be used for a movie or a video game platform. Instead, the indictment claims he used the money for other projects, such as a real estate development in Canada, and to pay earlier investors. Court records do not reveal whether Cloth has hired an attorney for the criminal case. Several attorneys representing Cloth in lawsuits in Florida and California did not immediately respond to a request for comment.
AI summary · Source: Telemundo McAllen (KTLM) →
