Jason Cloth Indicted on 7 Fraud Counts in Alleged $100 Million Film Investment Scheme
Updated
Updated · Los Angeles Times · Jul 29
Jason Cloth Indicted on 7 Fraud Counts in Alleged $100 Million Film Investment Scheme
3 articles · Updated · Los Angeles Times · Jul 29
Summary
Federal prosecutors charged Jason Cloth, 60, with seven wire fraud counts, alleging the film financier defrauded investors of more than $100 million between 2019 and 2026.
The indictment says Cloth used false claims about film, entertainment and gaming investments to raise money, then diverted funds to personal uses including a Canadian real estate project and repayments to earlier investors.
Los Angeles authorities arrested Cloth on Tuesday, and prosecutors are seeking at least $12.5 million in forfeiture; each wire fraud count carries a potential 20-year prison term.
Cloth, founder of Toronto-based Creative Wealth Media and an executive producer on more than 70 films including "Joker," was once described as a major private financier after backing more than $750 million in projects in 2019.
The FBI’s Chicago field office is asking potential victims tied to purported film, entertainment or gaming investments to come forward as the case widens beyond the named Illinois adviser.