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Jason Cloth, a Canadian financier with executive producer credits on dozens of films like Joker, Licorice Pizza and House of Gucci,has been indicted for allegedly defrauding investors out of $100 million
Cloth was arrested on Tuesday in Los Angeles. He faces seven counts of wire fraud, according to an indictment unsealed in federal court in Chicago
In 2024, Cloth stepped down as co-head of C2 Motion Picture Group as he fielded allegations of fraud on a number of projects. The announcement came a week after a Florida jury found that he scammed an investor out of millions of dollars for the production of a slate of movies, including Ghostbusters: Afterlife, Monkey Manand NBA docuseries The Pathway
Since 2021, he and his former financing company Creative Wealth Media, which declared bankruptcy in 2023, have been named in at least four lawsuit accusing him of shuffling investments around various entities to repay outstanding loans
From 2019 to 2026, Cloth solicited big-money investments from clients looking to finance films and other entertainment projects with Creative Wealth, according to the indictment. He allegedly secured more than $100 million from an Illinois investment advisor and its clients whose funds were used for other purposes, including the development of a real estate project in Canada. Some of the money was used to repay prior investors, prosecutors claimed
Creative Wealth was the primary financier for Canadian production and finance company Bron Studios, which had garnered 30 Oscar nominations and six wins across various films it financed or produced before it filed for bankruptcy in 2023. The Aaron Gilbert-led outfit had also been accused of widespread fraud in lawsuits
Creative Wealth was granted the majority of Bron’s remaining assets, including its stake in several films, in bankruptcy proceedings
At the time, Cloth attributed investment failures to Bron’s bankruptcy. “We are pleased that the Court recognized how Creative Wealth was affected by Bron’s actions and has decided to award us control of its surviving assets,” he said
Cloth faces up to 20 years for each count of wire fraud. The indictment seeks the forfeiture of at least $12.25 million
