Man is fac­ing up to 20 years in prison for fraud

Antelope Valley Press (Sunday) - - News -

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.

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