SEC Settles Allegations Against Movie Financier In LA

MARINA DEL REY, CA — The Securities and Exchange Commission announced Monday that it has settled allegations against movie financier Remington Chase, who's accused of misappropriating millions of dollars from investors.

The SEC's complaint, filed Friday in Los Angeles federal court, accuses Chase of violating antifraud laws.

Without admitting or denying the SEC's allegations, Chase consented to a permanent injunction barring him from violating the statutes, according to the SEC. Chase also agreed to give up $8,906,000, plus $1,022,010 in prejudgment interest and a civil penalty of $192,768.

The settlement is subject to court approval.

The SEC's complaint alleges that Chase, through his company Knightsbridge Entertainment Inc., sold more than $62 million in high-yield, short-term promissory notes to about 100 investors.

Chase, a 61-year-old former Marina del Rey resident, told investors that their funds would be allocated to provide short-term, post-production financing to motion picture companies, but he used the majority of the funds for purposes unrelated to movie financing, the SEC alleges.

Chase is alleged to have spent almost $9 million on personal expenses, including making donations to a university and purchasing several Tesla automobiles, according to the SEC.

Chase — also known as William Westwood and William Elliot — was the founder of Knightsbridge and served as its CEO until it ceased operations in June 2018. He is now believed to reside in London.

In 2014, LA Weekly shared an investigation on Chase and Stefan Martirosian, who were producing films together and described their backgrounds, including their convictions for cocaine trafficking. His IMDB credits his work in "End of Watch," The November Man" and "Broken City."

- City News Service and Patch Editor Nicole Charky contributed to this story.

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