A federal grand jury in Chicago has indicted a film producer for allegedly defrauding clients of more than $100 million by soliciting them to invest in purported film and entertainment projects.
Jason Cloth, 60, of Beverly Hills, CA, was charged with seven counts of wire fraud in an indictment unsealed Tuesday in U.S. District Court in Chicago. Cloth was arrested on Tuesday in Los Angeles, CA. He made his initial court appearance on Tuesday in U.S. District Court in Los Angeles.
According to the indictment, Cloth operated Canadian-based Creative Wealth Media Finance Corp. From 2019 to 2026, Cloth solicited various clients, including an investment advisor in Illinois, to invest in purported film and entertainment projects or to fund a gaming entertainment investment platform.
Cloth fraudulently obtained more than $100 million from the Illinois investment advisor, the advisor’s clients, and other investors based on false representations about the performance and value of their 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, the indictment states.
Cloth Indictment by scott.mcclallen
Cloth allegedly engaged in a Ponzi scheme by using some investor funds to repay prior investors. The indictment seeks forfeiture from Cloth in the amount of at least $12.25 million for the projects identified in the indictment.
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. Valuable assistance was provided by the U.S. Securities and Exchange Commission. The government is represented by Assistant U.S. Attorneys Jared Hasten and Sean Hennessy.
Each count of wire fraud is punishable by up to 20 years in federal prison. The public is reminded that an indictment is not evidence of guilt. The defendant is presumed innocent and entitled to a fair trial at which the government has the burden of proving guilt beyond a reasonable doubt. If convicted, the Court must impose a reasonable sentence under federal statutes and the advisory U.S. Sentencing Guidelines.
If you believe you are a victim of defendant Jason Cloth’s alleged fraud scheme whether committed through Creative Wealth Media Finance Corp. or any other entity, please contact the Chicago Field Office of the FBI by completing this short form at fbi.gov/jasonclothvictims. The schemes could involve purported film and entertainment projects, gaming entertainment investment platforms, or other conduct.
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