Producer of “Rampage” Jackson film guilty of Ponzi scheme
Story by 13 On Your Side Newsroom
SANTA ANA, Calif. (AP) - A producer of B-movies from Orange County has been convicted of operating a multimillion-dollar Ponzi scheme involving five films.
City News Service says Prosecutors says 55-year-old Mahmoud Karkehabadi (MAH'-mood Car-kah-HAH'-bah-dee) of Laguna Niguel, also known as Mike Karkeh, was convicted of 51 felonies, most involving grand theft or securities fraud.
Prosecutors said Karkehabadi through his company Alliance Group Entertainment promised investors returns of between 18 and 35%.
The jury ruled that 21 investors suffered losses between $500,000 and $3 million.
Karkehabadi could get about 30 years in prison when he's sentenced on March 15.
His attorney says he'll appeal.
The five independent films included one with mixed martial arts star Quinton "Rampage" Jackson and another with rapper and reality-TV star Flavor Flav.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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