The Globe and Mail reports in its Wednesday, Aug. 5, edition that Jason Cloth, a Toronto financier with producer credits on films like Joker and House of Gucci, allegedly misappropriated over $70-million from investors, according to the Ontario Securities Commission. The Globe's Alexandra Posadski writes that during closing arguments at the Capital Markets Tribunal, OSC lawyer Hanchu Chen claimed that from 2018 onward, Mr. Cloth's company, Creative Wealth Media Finance, operated as a fraudulent scheme sustained by Ponzi-like payments. A Ponzi scheme is one in which the source of distributions to investors is not the underlying value of any investments, but rather money that has been obtained from new investors -- "in other words, stealing from Peter to pay Paul," Mr. Chen said. Mr. Cloth, a 60-year-old film producer, was arrested in Los Angeles and indicted on seven counts of wire fraud, each carrying a potential 20-year federal prison sentence, according to the U.S. Attorney's Office for the Northern District of Illinois. Mr. Cloth was released on bail, according to Mr. Chen. The allegations levied against him by U.S. prosecutors have not been proven in court.