Beware the fake “ANGEL INVESTORS” and Representatives

A filmmaker wrote me yesterday to report that he lost $250.00 to a
"representative" for "investors". After that lesson he was wondering if he should give 10% of the money to finance his film to give to someone else, who would arrange to finace the full film.


There are many legitimate agents and representatives. These people need to get paid. As a general rule these professionals will not ask for money upfront. That does not mean there could not be real expenses in promoting your project. However they are not compulsatory.

Isn’t it great when you are trying to raise money for your film project and people say, "I MIGHT give you a lot of money for your project if you give me a little money first!"

BE FOREWARNED: Angel groups NEVER charge a fee. By nature, these groups are looking
for places to invest their money and they are very open to looking at what you have without any advance on your part.

If someone representing you to any group has to "approve" you by charging you money up front to cover due diligence, to make a presentation to the investors, to submit your application, to preview your project or for any other reasons, understand that without a contract that specifies what will happen and when, it is impossible to know what you are getting or if and when your project will ever move forward within any group.

If you insist on paying money up front, everything must be spelled out in a legal binding CONTRACT. If a contract or retainer agreement doesn't say what will happen and WHEN IT WILL HAPPEN, NEVER PAY MONEY to ANYONE UP FRONT whether they are a "reputable" attorney or not.

I signed a retainer agreement without spelling out in detail how long it would take for the attorney to do something simple. Since there was no time limit mentioned in our retainer agreement, the attorney evidently felt she could put everything off two, three, five or ten years. MAKE SURE YOU SPELL OUT WHAT WILL HAPPEN and WHEN IT WILL HAPPEN or you will lose your money exactly as I lost mine to a “reputable” attorney: Vina Fleisig (of 67-69 Groton Street, Forest Hills, NY) BEWARE OF PEOPLE LIKE THIS and stay away from them.

NOTICE: The views expressed in this article are those of the writer, Stanley Lozowski, and they are not necessarily those of this website, its owners or employees. We invite attorney Vina Fleisig to express her views as to why the Grievance Committee of the Second and Eleventh Judicial Districts issued an ADMONITION and a PERMANENT record was made against her.