UPDATED, 10:35 AM: Three LA-area men have been arrested and a local woman has agreed to surrender in a scheme to defraud hundreds of people who invested in a company called Gigapix Studios that claimed to be producing a 3D animated version of The Wizard Of Oz. A federal grand jury handed down a 36-count indictment on May 15, and they were unsealed yesterday. The FBI arrested Christopher Blauvelt, 58, of Woodland Hills, David Pritchard, 66, of Malibu, and Gregory Pusateri, 49, of Woodland Hills; and Cheri Brown, 65, of Studio City will turn herself in soon. The charges include mail fraud, wire fraud, attempted wire fraud and offering for sale unregistered securities. If convicted, the defendants face decades in federal prison. Details of the case are below. Read the FBI’s press release about the indictments and arrests at the bottom of the original post.
PREVIOUSLY, MAY 14, 2013: The FBI in Los Angeles is conducting an investigation involving investments made with Gigapix Studios Inc and OZ3D LLC between 2002 and the present for a scam to remake The Wizard Of Oz as a computer-animated feature film. The feds are “seeking victims” of financial fraud in the private offerings and is trying to find the “large number of investors” who were fleeced. Here’s the announcement on the FBI website: