The Ponzi Producer

Law And Order - The Ponzi Producer

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In order to give the reader of this narrative the background on a scam and the steps and precautions that could have been taken to guard ones self against fraud I've created a case study using passed frauds as examples. One television show that showcases scams of all sorts is American Greed, which airs on Cnbc. In this narrative I've included a synopsis of a scam profiled in an part of American Greedand how the investors could have conducted due diligence on the opening being presented in order to raise red flags.

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Law And Order

Year: Early 2000's

Fraud Amount: 5.5 million dollars.

Number of citizen defrauded: 70

Perpetrators:

Joseph Medawar had some minor success as a Hollywood movie producer, but his next production would make him notable as a scam artist.

Scam:

Medawar billed himself as a movie producer who was seeing for investors in his most recent Tv series named D.H.S. That will profile real incidents from the files of the branch of Homeland Security. He claimed to have 26 episodes that were all in some stage of production that both Fox and Hbo were competitive for the right to buy the episodes.

In 2003 Medawar showed the trailer to congressman Dana Rohrabacher of California. In order to help the producers in production the television series as real as possible, Rohrabacher introduces Medawar to government officials in the branch of Homeland Security. He was able to have his photograph taken with these government officials and other members of congress. Through his attendance at various fundraising dinners he was finally meet and have his photo taken with President Bush. Medawar plastered these photos on his website in order to increase the legitimacy of his business deal.

He showed possible investors the trailer created as part of the "pilot movie." It turns out that the trailer was precisely just snippets stolen from other movies edited together to make it look as if it were actual footage filmed as part of the ended Tv series. Investors were able to buy stock in his company, Steeple Entertainment, for one dollar per share telling them that the business was about to "go public."

Medawar then went to small Southern California churches to claiming that his series had a religious message and that it will run on faith-based television networks. One church member took a ,000 equity loan on her Watts home where she had raised 13 children in order to spend in Medawar's "movie." When her venture wasn't returned in the promised time, she couldn't keep up the payments on her home and finally lost her home. She laments the fact that she won't be spending Thanksgiving or Christmas with her house at their home. In all, Medawar bilked 3 million from unsuspecting churches and parishioners.

Another investor who heard about the "opportunity" from a colleague at work, took out a second mortgage on his home for over 0,000 in order to buy the shares of stock. He said that he imaginable that once Steeple Entertainment had their Ipo (initial collective offering) he'd be able to sell for /share.

Financial Pornography Due Diligence:

The possible investors could have contacted the California State Securities branch request if Steeple Entertainment had notified the State to sell securities in the State of California or if they had ever heard of Joseph Medawar. The investors could have hired a underground investigator who may have dug up the fact that Medawar had been cited for stock fraud in another business in 2001.

An comprehension of the Securities Laws would have given investors a red flag that only accredited investors are allowed to spend in many pre-Ipo stocks. While it may be difficult for the general collective to fetch this kind of access, one Fbi agent spoke with several venture banks who said that they had never worked with Medawar or Steeple Entertainment for the purposes of taking it public.

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