Film Financier Indicted Over Alleged $100 Million Fraud Scheme

A U.S. film financier has been indicted for allegedly defrauding clients and investors of more than $100 million in an investment scheme involving film, entertainment and gaming projects.

Jason Cloth, 60, a Beverly Hills-based film producer and operator of Creative Wealth Media Finance Corp., was indicted by a federal grand jury in Chicago on seven counts of wire fraud.

According to U.S. prosecutors, Cloth allegedly solicited investments between 2019 and 2026 by making false claims about the performance and value of investment opportunities. Authorities further allege that he diverted some investors’ funds to unrelated purposes, including a Canadian real-estate development.

Prosecutors also accused Cloth of operating a Ponzi-style scheme in which funds from newer investors were allegedly used to repay earlier investors. The government is seeking forfeiture of at least $12.25 million.

Each wire-fraud charge carries a maximum sentence of 20 years in federal prison if convicted. However, the allegations remain unproven in court, and Cloth is presumed innocent unless found guilty.

Among other convictions is former Goldman Sachs banker Asante Kwaku Berko for his role in an alleged bribery and money-laundering scheme involving more than $1 million in payments to Ghanaian officials over a power-plant project.

The cases underscore the growing complexity of financial crime, spanning investment fraud, international bribery, money laundering and increasingly sophisticated schemes targeting individuals and businesses.