A Texas man has admitted to selling more than $100,000 in ownership interests in several upcoming movies.
The problem is none of the films are real.
Shiva Chandan Reddy Thudi, 26, has pleaded guilty to ripping off people who thought they’d get returns on their investments, which actually went right into Thudi’s pocket, prosecutors say.
He’s due to be sentenced on July 29th.
Thudi scammed his victims by posing as a Hollywood producer and film distributor, court records indicate.
However, he actually had no connections in the film industry, says FBI agent Joseph Bonavolonta.
“Just like the films he pitched, it was all make-believe,” Bonavolonta says.