The founder and former chairman of Aviron Pictures, Williams Sadleir was arrested on Friday on charges of involvement $30 million fraud scheme, the Department of Justice announced.
Sadleir, 66, is accused of misappropriating millions in funds from his film company.
“As alleged, William Sadleir orchestrated a massive fraud, embezzling approximately $14 million of investor funds from his film company to pay for a Beverly Hills estate, among other fraudulent acts,” said U.S. Attorney Geoffrey S. Berman.
The former executive was charged with two counts of wire fraud and one count of aggravated identity theft.
Each wire fraud charge carries a maximum prison term of 20 years, while the aggravated identity theft charge carries a mandatory two-year jail term.