⏱ 2 min read
A 60-year-old film producer, Jason Cloth, has been indicted for allegedly defrauding clients of more than $100 million in a wire fraud scheme. The scheme, which operated from 2019 to 2026, involved soliciting investments in fake film and entertainment projects in Chicago. Cloth, of Beverly Hills, California, used the funds for other purposes, including a real estate project in Canada. He also engaged in a Ponzi scheme, using some investor funds to repay prior investors.
Cloth was charged with seven counts of wire fraud and faces up to 20 years in federal prison. The indictment seeks forfeiture of at least $12.25 million. The case was investigated by the FBI, with valuable assistance from the U.S. Securities and Exchange Commission.
The indictment was announced by Andrew S. Boutros, United States Attorney for the Northern District of Illinois, and Ryan Whalen, Acting Special Agent-in-Charge of the Chicago Field Office of the FBI. The government is represented by Assistant U.S. Attorneys Jared Hasten and Sean Hennessy.
Cloth’s arrest and indictment are a significant blow to those who engage in white-collar crime. The case serves as a reminder that the FBI and other law enforcement agencies are committed to investigating and prosecuting those who commit financial crimes.
📋 Key Facts
- Crime: Fraud & Financial Crimes
- Defendant: Illinois
- Location: IL
- Source: DOJ Press Release
