Hollywood studio MGM is making a new film on the Onecoin cryptocurrency Ponzi scheme. The movie will star Oscar winner Kate Winslet and tells the story narrated by a victim of the fraud.
New movie titled Fake!
According to entertainment and Hollywood news publication Deadline, the new movie is called “Fake!” and is based on a book by Jen McAdam and Douglas Thompson. It tells the real-life story of McAdam’s time as a participant of the Onecoin Ponzi scheme. McAdam will be an executive producer for the film. She, her friends, and family collectively lost $300,000 to the scheme. She also runs a support group for the scam’s victims.
The film will be written and directed by Scott Z. Burns, who also wrote Contagion starring Winslet. The movie was based on a pandemic. He is most known for The Report, a 2019 political drama that charts the journey of Senate staffer Daniel J. Hones and its investigation of the Detention and Interrogation Program started by the CIA post 9/11. He has also written and produced The Laundromat, a Netflix movie based on the Panama Papers. He will co-produce Fake! Alongside Jennifer Todd and Winslet under the aegis of MGM Studios.
An accomplished actor in an important role
Winslet is a seven-time Oscar nominee who won the coveted prize in 2009 for The Reader. She has worked in Steve Jobs, Titanic, the Divergent movies, Sense and Sensibility among others. She will also be seen in Avatar 2, with Titanic filmmaker James Cameroon. Her association with the movie can bring more attention to Onecoin which is frequently touted as one of the biggest scams in history. It raked in $4 billion from victims around the globe.
The crypto Ponzi scheme was promoted by Onecoin Ltd. and Onelife Network Ltd., two offshore companies based in Bulgaria. The companies were founded by Ruja Ignatova with Sebastian Greenwood. Ignatova mysterious disappeared in 2017 while Greenwood was arrested the following year. Konstantin Ignatov, Ruja’s brother, has pleaded guilty to multiple counts of fraud and money laundering. He was arrested in March 2019.