As if the music industry couldn't be spiraling downward further, a new Madoff-esque player has been indicted for defrauding investors in what he claimed to be high-yield investment opportunities for a movie starring Joaquin Phoenix and Ray Liotta.
Randy Chortkoff of Delta Groove Music is under arrest for selling an investment that didn't exist.
Securities and Exhange special agent Timothy Delaney claimed that Chortkoff's opportunities were "straight up fraud" and could land him in prison for 20 years--if convicted.
"[Chortkoff] was the one in charge of finding the investors and getting their money," Delaney cited.
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