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 <a href="https://todaytrendnews7.com/producer-jason-cloth-indicted-over-alleged-100-million-ponzi-scheme/" title="Producer Jason Cloth Indicted Over Alleged $100 Million Ponzi Scheme“>Ponzi scheme, the Department of Justice (DOJ) announced Wednesday
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
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Authorities alleged from 2019 and 2026, Cloth fraudulently obtained more than $100 million from his investors based on “false representation,” officials said
“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,” the indictment stated
Federal prosecutors said Cloth ran a Ponzi scheme by using some investor funds to repay prior investors
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’s Chicago Field Office which is seeking to identify potential victims. The FBI believes that Cloth sought investments for various… pic.twitter.com/IbTl4SFLFk
— FBI Los Angeles (@FBILosAngeles) July 29, 2026
The indictment seeks forfeiture from Cloth in the amount of at least $12.25 million
Each count of wire fraud is punishable by up to 20 years in federal prison, prosecutors noted
Cloth was named the executive producer a number of critically acclaimed films, such as “Licorice Pizza,” “Judas and the Black Messiah” and “Bombshell.”
The FBI urged potential victims or those with information about Cloth to reach out
