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Film financier Jason Cloth indicted in
alleged $100M Ponzi scheme tied to movie funding
[July 30, 2026]
By REBECCA BOONE
Film
producer Jason Cloth, who financed “Joker,” “Ghostbusters: Afterlife”
and dozens of other movies, has been indicted by a federal grand jury on
wire fraud charges in connection with what prosecutors say was a $100
million Ponzi scheme.
The indictment against Cloth, 60, was unsealed Tuesday in U.S. District
Court in Chicago. Cloth was arrested the same day in Los Angeles, where
he made his first court appearance, the U.S. Attorney's Office for the
Northern District of Illinois said. |
Producer Jason Cloth poses for photographers upon arrival at the
premiere of the film, "Babylon," in London on Jan. 12, 2023. (Photo by
Scott Garfitt/Invision/AP, File) |
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The
indictment alleges Cloth solicited money from investors, telling
them the funds would be used for a film or a video game
platform. Instead, the indictment alleges, he used the money for
other projects like a Canadian real estate development and to
pay off earlier investors.
Court records do not reveal if Cloth has obtained an attorney in
the criminal case. Several attorneys representing Cloth in
lawsuits in Florida and California did not immediately respond
to a request for comment.
The indictment says Cloth operated a Canada-based company called
Creative Wealth Media Finance Corp., and that starting in 2019
he solicited money from several clients to invest in film and
entertainment projects. The indictment says he got more than
$100 million from one investment adviser in Illinois, the
adviser's clients and others, and that he lied to the investors
about the value of their investments.
He's charged with seven counts of wire fraud, each punishable by
up to 20 years in prison. Cloth is also being asked to forfeit
more than $12 million. The FBI asked that anyone who believes
they might have been a victim contact the agency's Chicago
office by filling out an online form.
It's not the first time the film financier has faced allegations
of financial misdeeds. He's been named in several lawsuits from
investors in recent years, including a class-action lawsuit
alleging film-funding fraud in Chicago, a Florida lawsuit from
an investor who says Cloth's company breached contracts for
several entertainment loans, and a lawsuit from investors in New
York that was later dismissed. Cloth has fought the claims in
Chicago and Florida, and those cases are ongoing.
Last year the Ontario Securities Commission started an
enforcement proceeding against Cloth and his company, bringing
allegations that are similar to the Illinois indictment. The
commission alleges Cloth and his company raised more than $500
million from investors for various film and television projects,
and then diverted $70 million of the funds to other uses, like
repaying earlier investors. That case is ongoing.
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