"Hollywood CEO charged with $30M fraud." Bought mansion.
"... William Sadleir, 66, is the former chairman and CEO of Aviron Pictures, a production and distribution company that participated in seven movies between 2015 and 2019. He’s accused of engaging in two fraudulent schemes related to a $75 million investment that BlackRock Multi-Sector Income Trust made in Aviron.
"Sadleir used $14 million from the funds to buy a Beverly Hills home.
"He’s charged with two counts of wire fraud and one count of aggravated identity theft. In a separate case, the Securities and Exchange Commission also accuses Sadleir of violating antifraud provisions of securities laws.
“We allege that Sadleir raided millions from BIT and its investors, and rather than using those funds for investment purposes he spent them lavishly on himself,” Adam Aderton, co-chief of the SEC’s Enforcement Division Asset Management Unit, said in a statement."
"Aviron has had a tough time in the movie business. Its most successful title, “Kidnap” starring Halle Berry, cost $21 million and took in $34 million worldwide. Other titles like 2019’s “Serenity” netted just $40 million at the box office on a $49 million budget, and 2018’s “A Private War” lost money compared to production costs – costing $18 million to make but earning just $3.9 million."
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