Aviron Pictures founder William Sadler, executive producer of projects including kidnapping, personal war s peace of mindwas sentenced Friday to six years in prison for defrauding investment fund BlackRock of more than $30 million.
According to court documents, a federal judge in New York handed down the sentence after Sadler pleaded guilty to two counts of wire fraud related to the theft of millions of dollars that the fund invested in Aviron. He was also ordered to pay $31.6 million in restitution.
Sadleir was fired from the independent film distributor in January 2020 after BlackRock sued him and the company for fraud. He was later indicted by federal prosecutors and the Securities and Exchange Commission. The 68-year-old also pleaded guilty to money laundering and fraud charges, pocketing nearly $1 million in Payroll Protection Program loans intended to keep Aviron afloat during the COVID-19 pandemic, and is awaiting sentencing.
“Aten. Sadler is obviously disappointed with today’s sentence, but accepts the court’s decision,” said his attorney, Matthew Schwartz. the hollywood reporter. “Aten. Sadler apologizes to his family and the men and women of Aviron Pictures who were so hurt by his actions.
Prosecutors alleged that Sadleir ran two schemes involving an estimated $75 million investment by BlackRock in Aviron. In one, he stole more than $25 million from the fund falsely claiming the money was invested in prepaid media credits (upfront payments that could be redeemed for specific ads later) that he said would be used. Promotion of upcoming Aviron films. To communicate with the foundation, he introduced the advertising executive as “Amanda Stevens”.
In another scheme, Sadleir forged the signature of a BlackRock manager on the sale of more than $3 million in assets that guaranteed the fund’s loans to Aviron. BlackRock secured its investment by securing a guarantee on certain intellectual property and other film-related assets of the production company. Sadler, who used the money to buy a $14 million Beverly Hills mansion, has already sold or refinanced the assets. Aviron ended up paying off the loans.
“Today’s sentence holds Sadler responsible for his crimes and sends a message that there will be no happy ending for executives who deceive their investors,” US Attorney Damian Williams said in a statement.
Sadleir will be indicted Sept. 28 in California federal court for conspiracy to defraud the program.
A status conference is set for September 30 in BlackRock’s lawsuit against Aviron, which has not distributed or produced a film since 2019.
Aviron and BlackRock did not immediately respond to requests for comment.
Source: Hollywood Reporter
Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
