California movie producer held in $26M New York fraud case

Markets Associated Press

A California movie producer has been arrested on charges in a $26 million New York investment fraud case.

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Prosecutors say David Bergstein was arrested Wednesday in Hidden Hills, California, and faces an initial court hearing in Los Angeles.

Bergstein produced the 2004 romantic comedy "Laws of Attraction," with Pierce Brosnan and Julianne Moore. His attorneys haven't returned a message seeking comment.

The government says Bergstein and co-defendant Keith Wellner cheated investors at advisory firm Weston Capital Asset Management.

Prosecutors say Wellner was the former chief operating officer of Weston. Wellner was arrested Wednesday in Manhattan and awaits a court appearance. His attorney has declined to comment.

New York FBI office head William Sweeney says the men used several million dollars in investor money to fund their lifestyles.