6 charged with bilking investors in phony movies
Feb 20, 2014, 10:00 PM
LOS ANGELES (AP) – Authorities say six Southern California men have been charged with stealing millions by running investment schemes in phony movies with names like “The Smuggler.”
Federal prosecutors in Los Angeles say the six were charged in federal indictments. Four were arrested Thursday. They face up to 20 years in prison if convicted.
Authorities claim the men ran telemarketing operations to solicit investments for bogus film projects. One was called “The Smuggler” and the other was “Beyond the Mat.”
Prosecutors say the two schemes bilked some 140 people around the nation out of nearly $5 million.
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