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Producer Jason Cloth Indicted Over Alleged $100 Million Ponzi Scheme
The Hollywood Reporter
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Jason Cloth, a Canadian film financier, was indicted by a federal grand jury in Chicago on charges of wire fraud and money laundering. Prosecutors allege he raised more than $100 million from investors by misrepresenting the use of funds and diverting money intended for film projects to repay earlier investors.
Federal prosecutors accuse Cloth of diverting funds meant for films and TV shows to other purposes, including to repay prior investors. ...
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