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Film Producer Accused of $100M Ponzi Scheme | Chicago News
Description
A Hollywood heavyweight is under federal fire: producer Jason Cloth, arrested in LA, faces seven wire fraud counts over an alleged $100M Ponzi scheme targeting investors in film and entertainment. Operating from Canada, he allegedly funneled new investor money to pay old ones, hiding real estate ventures instead of movies. With up to 20 years per count and $12.25M in assets at risk, victims can report suspected involvement via the FBI Chicago Field Office.
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