Low-budget film producer accused of running Ponzi scheme

[OldCorpse]

'A Laguna Niguel movie producer has been charged with operating a Bernie Madoff-like Ponzi scheme in which he allegedly bilked investors out of $9 million.'

"Mahmoud Karkehabadi, who went by the name Mike in press materials for his company, Alliance Group Entertainment, was indicted on 89 felony counts related to alleged securities fraud and grand theft. If convicted, he could go to prison for up to 11 years, according to the California attorney general's office.

Karkehabadi allegedly promised his more than 150 investors returns of 18% to 35% within one year on loans made to his production company for four low-budget films, including the 2005 action drama "Confessions of a Pit Fighter," starring Armand Assante and Flavor Flav, and the 2008 thriller "Hotel California," starring model Tyson Beckford."

 

[ugafan]

if only he had read joe dono's book on scamming people, he would still be a free man...

 

[lambert]

And I was so looking forward to "Confessions of a Pit Fighter 2 and 3" back to back the next time I road a long distance bus in Mexico.

 

[Nathyn]

I assume the money was never paid back. I mean if people made money then the "Ponzi scheme" would be suddenly become just a really good business venture.

if only he had read joe dono's book on scamming people, he would still be a free man...

LOL, Joe Dono's going to become household name around here.

-Nate

 

[Gord.T]

Joe Dono is on a bad road. I'm sure we'll be talking about him long after he's made the headlines and had his fifteen minutes of fame. But the only piece of ass he'll ever get from that point on will be from his buddy 'Bubba' from the bunk above him. But I hear they make a mean grill cheese sandwich in the big house. Well, that and other things.

Bon Voyage Monsieur Dono.

Today's Tip: Pack a lunch.