Jason Cloth arrested over alleged $100M Ponzi scheme

Hollywood producer Jason Cloth was arrested on July 28, 2026, on charges he operated a $100 million Ponzi scheme that targeted film investors, federal prosecutors in Chicago announced on July 29.

Cloth, 60, of Beverly Hills, faces seven counts of wire fraud, according to an indictment unsealed in Chicago. He made an initial court appearance in Los Angeles on July 28.

Prosecutors say Cloth used his Canadian company, Creative Wealth Media Finance Corp., to solicit investments from 2019 through 2026. He attracted money from an Illinois investment advisor and other clients by promising stakes in film and entertainment projects or a gaming platform.

Instead, Cloth made false claims about investment performance and ran a classic Ponzi scheme, using new investor funds to repay earlier backers, the indictment charges. He also planned to divert money to a real estate project in Canada.

The indictment seeks forfeiture of at least $12.25 million. Each wire fraud count carries a maximum of 20 years in federal prison.

In 2024, a West Palm Beach jury returned a $19.6 million verdict against Cloth after he failed to appear at a civil trial, Variety reported. Jurors found he defrauded an investor in the TNT docuseries “The Pathway” of $6.6 million, and added $13 million in punitive damages.

Cloth’s producing credits include “Joker,” “Babylon,” “Longlegs,” “Ghostbusters: Afterlife” and “The Ministry of Ungentlemanly Warfare,” according to IMDb.