A Mesa man who reportedly misled investors while raising money to produce his film and television ventures was ordered in November 2024 to repay nearly $1 million that he had used on personal expenses, like rent, furniture and making “Ponzi-like” payments on other investments.
The Arizona Corporation Commission found that actor and writer Michael Saquella misused the investments he collected after promising stakeholders they would see returns and convincing them that his projects were backed by popular streaming services like Tubi and Netflix.
While fundraising, the Corporation Commission said, Saquella also failed to tell investors he had pleaded guilty to charges related to securities fraud.
According to the Corporation Commission, investors contributed just over $1.1 million to Saquella and his entertainment companies, Best Image I LLC and Cactus Blue Entertainment LLC. Combined, they have only seen $197,500 in returns.
Saquella must repay the remaining $915,005 plus a $100,000 administrative penalty.