Man is facing up to 20 years in prison for fraud
LOS ANGELES (CNS) — Sentencing is scheduled March 6 for a Manhattan Beach man who pleaded guilty to a fraud charge and admitted bilking foreign investment groups out of $14 million by falsely claiming the money would be used to produce a feature film that Netflix would distribute.
Adam Joiner, 41, faces up to 20 years in federal prison for the guilty plea he entered Friday in Los Angeles federal court to one count of wire fraud, according to the U.S. Attorney’s Office.
Joiner used fake documents and forged signatures to raise millions of dollars from foreign investment firms based in South Korea and China for a movie project he said would be called “Legends,” according to his plea agreement.
Joiner, who operated a company called Dark Planet Pictures, defrauded Korea Investment Global Contents Fund, a South Korean investment fund whose assets are managed by Korean Investment Partners Co., which suffered $8 million in losses, federal prosecutors said.
Joiner also defrauded a Chinese investment firm called Star Century Pictures Co., and a related company called PGA Yungpark Capital, which invested $6 million into “Legends,” prosecutors said.
As part of the scheme, Joiner falsely told investors that Netflix had agreed to distribute the picture.