Former CIA Agent Caught in Elderly Movie Finance Scam
They didn’t make movies but they made good posters….
A Southern California scam that promised huge returns and a little Hollywood glamour was broken up last week by federal agents after gullible old folks put $25 million into independent movie productions that earned next to nothing, but did result in some nice posters. But “the money is gone,” said Assistant U.S. Attorney Stephen Cazares.
The individual investments ranged from around $3000 all the way up to six-figures. The targets of the deception tended to be elderly because, said the prosecutor, “They are at home and they pick up the phone.”
In selling dreams to the elderly, the telephone operators even promised movie credits.
“The misrepresentations were enticing,” he added. “Part of the attraction was the aura of movie-making and Hollywood. That’s seductive to people.”
“Some investors were invited to visit movie sets,” he said, “and told they would possibly be mentioned in the credits.”