Jason Cloth Indicted in Alleged $100 Million Ponzi Scheme
Variety • • entertainment
Key Points:
- Jason Cloth, a financier and executive producer on films like “Joker” and “Ghostbusters: Afterlife,” has been indicted in Chicago for allegedly running a $100 million Ponzi scheme involving seven counts of wire fraud.
- Cloth is accused of misusing investor funds intended for film and gaming projects by diverting money to pay off investors in a Canadian real estate development.
- He was arrested in Los Angeles and has faced multiple lawsuits from investors claiming he absconded with their money, including a case involving $80 million meant for various film projects.
- Cloth’s company, Creative Wealth Media Finance, declared bankruptcy in Canada in 2023 amid allegations of raising $500 million from 500 investors and misappropriating funds, including $50 million in unpaid loans for a condominium project.
- The indictment demands $12.25 million in reimbursement, with each wire fraud count carrying up to 20 years in prison, and the FBI is investigating further potential victims.
