'Joker' producer indicted for allegedly defrauding investors of more than $100 million, DOJ says
ABC7 Los Angeles • • entertainment
Key Points:
- Hollywood producer Jason Cloth was arrested in Los Angeles after being charged with defrauding investors of over $100 million in a Ponzi scheme, according to federal prosecutors in Illinois.
- Cloth, 60, operated Creative Wealth Media Finance Corp. and allegedly solicited investments from 2019 to 2026 for film, entertainment, and gaming projects, but misused the funds for other purposes including a Canadian real estate development.
- Prosecutors state Cloth used new investor money to pay previous investors, a hallmark of Ponzi schemes, and he faces seven counts of wire fraud, each carrying up to 20 years in prison.
- The indictment seeks forfeiture of at least $12.25 million linked to the fraudulent projects, and Cloth is known for producing films such as "Joker" and "Ghostbusters: Afterlife."
