11.20.2012

The "Give-Me-$$$-and-I'll-Give-You-More-$$$$$" Scam Still Around

From THR:
In a lawsuit filed on Wednesday in Los Angeles Superior Court, the producers allege an unfortunately familiar situation: They were promised $22 million, but they first had to put up $300,000 to make it happen.
Lucid Motion Pictures Limited is going to court against Varicorp International and an individual named Rhett Shepard.
According to the complaint, the plaintiff entered into an investment agreement last October whereby Preston Waters agreed to advance and guarantee the $22 million sum but conditioned it upon a $300,000 payment to Varicorp.
The $300,000 payment was made, but Varicorp is charged with having "failed to acquire the financial asset, set up the collateral and investment structure, or otherwise deliver on the funding for the Picture, within twenty-one banking days from the receipt of the Origination Fees as it was obligated to do under the Invoice."
The lawsuit says that in December 2011, the producers informed Varicorp of the default and demanded the $300,000 back. The producers say they never got it. Further, the lawsuit accuses Shepard of treating Varicorp's assets as his own and committing fraud, breach of contract and conversion.
 How ironic that the name of the sci-fi film in this case is Lucidity.

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