The Hollywood investment dreams for some North Shore residents may end better than they began after they say they lost tens of millions of dollars to a big marquee film producer.
Court filings show investors have agreed to a $60 million settlement in their lawsuit against Jason Cloth and Sanford Schmidt, who they accused of cheating them in an investment sw
Attorneys say more than 130 investors, mostly from Cook and Lake counties, had agreed to Cloth's investment proposal; a chance to step into the glitzy film world and secure a slice of Hollywood, based on the film project's box office success."Investors were promised that they would be paid if the project was profitable and accepted the risk that they would not be paid if it was not profitable," the investors' Tuesday court filing reads.
Loftus says the case now has the attention of federal authorities, who contacted him the day after ABC 7's initial report.
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