Joker Financier Jason Cloth Accused of $100 Million Ponzi Scheme

Jason Cloth — who has producer credits on Babylon, Joker, Longlegs, and House of Gucci — was arrested in Chicago for allegedly running a $100 million Ponzi scheme. According to the federal indictment, Cloth took money intended for a film project only to funnel it into a gaming platform and a Canadian real-estate venture. He faces seven counts of wire fraud.

Cloth’s company, Creative Wealth Media Finance, declared bankruptcy in Canada in 2023. The Ontario Securities Commission alleged Cloth then raised more money for film and TV projects than required and used the money elsewhere. Your classic Max Bialystock scheme.

Cloth’s alleged Ponzi schemes have been the subject of several lawsuits from investors, per Variety. In 2024, he was ordered to pay $19.6 million to an investor who’d intended to invest in the TNT docuseries The Pathway. A class-action suit filed in 2024 saw a group of investors seeking $80 million after ostensibly investing in Ghostbusters: Afterlife and Monkey Man. “He’s been at this for so long,” one attorney involved in the 2024 suit said. “Every time, he uses the new thing to pay off the first thing.”