A Hollywood film producer is accused of defrauding clients out of more than $100 million. Jason Cloth (60) from Beverly Hills, California, was charged with seven counts of wire fraud in an indictment filed in U.S. District Court in Chicago.
Alleged Fraud Between 2019 and June 2026
According to the U.S. Attorney's Office in Chicago, he was arrested on Tuesday, July 28, in Los Angeles.
The producer, whose filmography includes the Oscar-winning Joker (2019), ran the Canada-based Creative Wealth Media Finance Corp and allegedly solicited various clients-including an investment advisor from Illinois-to invest in his production company using funds that were intended for an investment platform in gaming entertainment and a motion picture. The alleged fraud occurred between 2019 and June 2026.
Prosecutors Seek Forfeiture of at Least $12.25 Million
"Cloth fraudulently solicited and obtained over $100 million from the Illinois investment advisor, his clients, and other investors... based on false representations about the performance and value of the investments," the indictment states. "Cloth knew at the time of the investments that he would use the money for other purposes, including the development of a real estate project in Canada and for other personal purposes."
Prosecutors are seeking forfeiture of at least $12.25 million.
Pyramid Scheme Following Ponzi Model
Cloth allegedly operated the so-called Ponzi scheme by using a portion of investors' funds to repay earlier investors instead of generating real profits. The pyramid scheme is named after Charles Ponzi (1882-1949), who became infamous in the United States with this system in the 1920s.
Each Count Carries Up to 20 Years in Prison
On Tuesday, he appeared for the first time in U.S. District Court in Los Angeles. Each count is punishable by up to 20 years in prison, according to prosecutors. Anyone who may have been a victim of Cloth's alleged fraud is asked to contact the FBI's Chicago field office.
According to IMDb, Cloth is also listed as a producer on Longlegs (2024), Ghostbusters: Afterlife (2021), Monkey Man (2024), Babylon (2022), and The Ministry of Ungentlemanly Warfare (2024).
