Man Faces Sentencing In Film Fraud Scheme
A man faces sentencing after pleading guilty in Vermont to charges connected to a scheme to defraud hundreds of investors in a movie out of $9 million.
Louis Soteriou of Middlebury, Conn., pleaded guilty in April in federal court in Rutland to charges of money laundering and conspiracy. He's scheduled to be sentenced Monday.
Prosecutors said people invested in "Birth of Innocence" and that Soteriou had partnered with filmmaker Malcolm "Mac" Parker on the deal.
The Burlington Free Press reports Parker is to testify against Soteriou that he believed he would die if he failed to follow Soteriou's directives.
Prosecutors say Parker raised the money in part by promising double-digit interest on the investments, a Ponzi scheme that involved using money to pay off debts to earlier investors.