LOS ANGELES-Attorney General Edmund g. Brown Jr. today announced that the Laguna Niguel movie producer who has been charged with orchestrating "the crime counts 89 shall start at the beginning of the end of the cold and calculated" 9 million dollar Ponzi scheme in which he promised investors a maximum of 35% of the returns for his B-movie production company loans.
"This con artist sold securities in the form of a regulation in accordance with the credit cheat investors and try to avoid the rules after the" Brown said. "He ran cold and calculated scam, in which case he is not intended to promises and by using the new victims of money to pay earlier ones. "
Mahmoud Karkehabadi (aka Mike Karkeh), 53, Alliance group entertainment, the owner was arraigned late Tuesday 89 criminal counts, including the securities fraud and grand theft. Bail has been set at EUR 11 million. sentenced to all expenses Karkehabadi faces more than 25 years in prison.
More than 150 people across the country issued the "movie production loans" Alliance group entertainment produced four B-movie flops from 2005, including "Confessions of Pit Fighter" (2005) starring rapper Flavor Flav and "Hotel California" (2008).
Karkehabadi and auxiliary said they would get the money back to the year, regardless of the success of the project and investor returns 18 35%.When the year was up, their ' investors Karkehabadi convinced to contract loans for the purpose of "roll over latest film project at the time of repayment, or to agree on a list of snap-ins.
The analysis showed that the majority of the funds deposited in the accounts of the company group Entertainment Alliance Bank records from investors and money was the largest part of the previous investors and source of get rid of man boobs payments.Accounts showed deposits only $ 535,000 and more than 11 million dollars from investors-produced films.
In the case referred to in Enterprises Department office 2007 after receiving complaints from Brown's victims. Brown's office launched in 2008, should be based on the interviews of the investors across the country and the Bank's records of the investigation.
In 2003, the Office of the Attorney General to him 5 million dollars to a judgment against the deceptively Karkehabadi trade credit may not be used in stores and will violate the State false advertising and unfair business practices. filed for This after He does not reveal Karkehabadi. either of these facts Alliance group Entertainment to investors.
Two California-based agents who sold the securities of Alliance group Entertainment program will be charged also. Timothy Cho (aka hin-Kong Cho), 54, Newport Beach and the deposit facility will remain unchanged, while Deanna Salazar, 53, Yucca Valley, has agreed to donate.
Brown's Special Crimes unit is the prosecution of cases, retrieves a reduced bail. Karkehabadi and bail hearing is September 3 Orange County Superior Court.
A copy of the complaint filed in the Orange County Superior Court is attached to.
topBack | news and alerts
No comments:
Post a Comment