An independent film producer is due before a federal judge in Los Angeles on July 27 on charges of interstate transportation of stolen property linked to the embezzlement of nearly $1.5 million from billionaire Ron Burkle’s investment fund.
Julio Caro, 56, of Calabasas was charged with moving money to New Jersey that had been stolen from Burkle’s Yucaipa Corporate Initiatives fund, according to the U.S. Attorney’s Office.
When Caro was charged Tuesday, prosecutors also filed a document indicating that he agreed to plead to the felony offense and admit that he stole about $1.5 million from Yucaipa over five years.
“This defendant exploited his position of trust by stealing money from a business he had been partners with for years,” said U.S. Attorney Eileen M. Decker. “Mr. Caro then engaged in another crime by moving the pilfered money across the country.”
Caro has agreed to surrender to federal authorities prior to his initial court appearance in two weeks, according to the U.S. Attorney’s Office.
The charge of interstate transportation of stolen property carries a maximum penalty of 10 years in federal prison.
A former producing partner of Jennifer Lopez, Caro co-produced the 2000 horror film “The Cell,” starring Lopez and Vince Vaughn.
–City News Service