Joseph Michel Medawar is a LebaneseAmerican financial strategist and investment-banking counselor specializing in media, entertainment and related industries, and a film producer. In 2006, he was sentenced to a year and a day in prison and was ordered to pay $2.6 million in restitution to the defrauded investors.
Early life
Joseph Medawar was born in Beirut in a Christian Lebanese family. He immigrated to the United States in 1975 fleeing the war in Lebanon and settled with his family in Palos Verdes, California.
Business Development
Over the past 25 years, Medawar has been responsible for over $500 million in financial transactions. This consisted of acquisitions, mergers, newco's, co-production and production financing, theme parks and events, new film processes as well as biotech and medical industry financing and funding.
Real Estate
Mr. Medawar was also Co-chair for ADG in Los Angeles. ADG is responsible for one of the most exclusive residential development projects in the world, Beverly Park. Medawar also led the financial and investment initiatives for the new Travertine, LaQuinta Development for ADG near Palm Springs. Additionally, Mr. Medawar co-chaired several large enterprises, whose projects included Universal Studios City Walk Hollywood.
Motion Picture/Entertainment Career
Medawar launched his motion picture career producing the feature filmVendetta for Concord Entertainment. The same year, Medawar launched First American Film Capital, an independent film production company based in Culver City, California, which produced Hardbodies 2, Pretty Smart andSlaughterhouse Rock. In 1989 Medawar formed the film development and production company ION Pictures. ION Pictures distributed the documentary Champions Forever and The Closer and produced Sleepwalkers. In 1995, in collaboration with Prince Albert of Monaco, developed Monaco Entertainment Enterprises. From '95 to '97, MEE primarily focused on regional merger and acquisition investment structuring and consulting, which culminated into financing several motion pictures, events and theme park financing. The company also acted as sponsoring development and chartering for The World Music Awards.
Legal problems
Medawar was arrested on September 23, 2005 by Special Agents of the Federal Bureau of Investigation and the Internal Revenue Service. It was alleged Medawar claimed to investors that his company, Steeple Entertainment, was producing a television series based on the Department of Homeland Security, entitled DHS. He claimed to have the endorsement of President George W. Bush and the real Department of Homeland Security, with contracts to distribute the show in 137 overseas markets, and also told investors that Steeple Entertainment would go public in the near future at a per share price significantly higher than that being paid by investors. In reality, only a tiny fraction of investor funds were spent by Medawar on anything related to the film production of DHS. In addition, Medawar did not have the endorsement of President Bush or the real Department of Homeland Security, had not signed or had prospects of making contracts with any overseas markets, and was never in any position to go public. The vast majority of investor funds raised, reportedly several million dollars from tens of investors, were allegedly diverted to other ventures of Medawar. Alison Ann Heruth-Waterbury, who had claimed to be the lead in the television series, pleaded guilty to charges of lying to authorities to conceal an investment scam related to the show. In May 2006, Medawar pleaded guilty to conspiracy to commit mail fraud and income tax evasion for the fake reality TV project. Medawar later pleaded guilty, was sentenced to a year and a day in prison, ordered to pay $2.6 million in restitution to the defrauded investors and to perform 3,000 hours of community service. The jail sentence was later reduced to probation on appeal, but in 2011, a judge reinstated a sentence of 45 months imprisonment for multiple violations on his probation. In season 2 of its documentary series American Greed, CNBC broadcast in March 2008 an episode related to the affair. under the title "Inside The WorldCom Scam / DHS: Department of Hollywood Scams".
