Cloth arrested in Los Angeles over alleged $100 million investment scam
Entertainment
Jason Cloth, whose company backed Joker, was arrested in Los Angeles after being accused of pulling off a more than $100 million investment scam.
Cloth faces 7 wire fraud counts
According to the indictment unsealed, Cloth allegedly used new investors' money to pay back earlier ones and funneled millions into unrelated ventures like Canadian real estate.
He's now facing seven counts of wire fraud, each carrying up to 20 years in prison, and could lose at least $12.25 million if convicted.