Michael Saquella aka Paloma - FRAUD ALERT - Filmmaker - Director

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https://azcc.gov/az-investor/news/202...

Michael Saquella, also known by the alias Michael Paloma, is a former stock trader and filmmaker based in Mesa, Arizona. His criminal history is twofold, involving significant fraud both in the stock market and in the film industry. Saquella is perhaps most notorious for his involvement in the creation of the indie film Dream Round, in which he orchestrated a large-scale scam involving over $100,000 in investor funds.

Saquella's notoriety began with his stock market fraud, where he was convicted by the U.S. Securities and Exchange Commission (SEC) for orchestrating a complex fraudulent scheme involving the manipulation of stock prices. He used various illicit strategies to inflate stock values, misleading investors and defrauding them of millions. Following his conviction, Saquella was sentenced to prison for his stock market crimes.

However, his involvement in scams did not end with the SEC case. Saquella later attempted to reinvent himself as a filmmaker, only to repeat the same fraudulent behavior in the entertainment industry, this time with the involvement of his girlfriend, Tyger, who played a key role in deceiving investors during the production of Dream Round.

The Dream Round Scam:

In 2018, Saquella and his girlfriend Tyger launched Dream Round, a film that was touted as a groundbreaking indie production. Promising investors an opportunity to be part of an exciting, potentially award-winning project, Saquella and Tyger successfully lured a number of individuals to invest substantial sums of money, many of whom had no experience in the film industry and were seeking an opportunity to profit from the burgeoning indie scene.

A total of over $100,000 was funneled from investors under false pretenses. Many of the investors who came forward later described feeling misled and betrayed by Saquella and Tyger’s promises.

Misuse of Funds:
Investors who had entrusted Saquella with their money were shocked to learn that the funds intended for the film’s production were not being used as agreed. Instead, Saquella used the capital for personal luxuries, including high-end restaurants, travel expenses, and even private parties. Receipts and financial records discovered during investigations showed that Saquella and Tyger had gone on extravagant vacations, using the investor funds to cover their personal expenses.

False Promises of Distribution and Return:
One of the major selling points for the investors was Saquella’s claim that the film had already secured distribution deals with major streaming platforms and would be submitted to prestigious film festivals. None of these claims were true. Despite claiming that Dream Round would be a “festival darling,” the film was never submitted to any major festivals, and no distribution deals were ever secured.

The SEC Conviction and Aftermath:

Following his conviction for stock fraud, Saquella's credibility had already been severely damaged. However, his entry into the film industry provided him with a fresh avenue to exploit others. As the Dream Round scam began to surface, many of the victims looked to legal channels to seek restitution, but the complex web Saquella had woven made it difficult for the authorities to take immediate action.

In the aftermath of the film’s failure, many investors were left financially ruined and emotionally distraught. The documentary potential of the Dream Round story began to surface, with some considering how Saquella’s actions could be exposed through the lens of investigative journalism or even another film. His manipulation of both stock investors and film financiers underscored a consistent pattern of deceit and exploitation.

Conclusion:

Michael Saquella, using his dual personas of stock fraudster and indie filmmaker, left a trail of broken promises and ruined finances in his wake. His ability to con investors with charm, false promises, and deception is a textbook example of how fraudsters manipulate the trust of well-meaning individuals.

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