J.Lo's Former Producing Partner Pleads Guilty to Embezzling $1.5 Million

LOS ANGELES, CA — An independent film producer pleaded guilty Monday to a federal charge for moving money to New Jersey linked to the embezzlement of nearly $1.5 million from billionaire Ron Burkle's investment fund.

Julio Caro, 56, of Calabasas entered his plea to interstate transportation of stolen property, specifically, cash that belonged to Burkle's Yucaipa Corporate Initiatives Fund.

Caro produced the 2006 straight-to-DVD comedy "Homie Spumoni," which starred Donald Faison, Jamie-Lynn Sigler and Whoopi Goldberg, through an agreement with Los Angeles-based Yucaipa, court papers show.

When Caro was charged last month, 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 Eileen M. Decker, the U.S. attorney in Los Angeles. "Mr. Caro then engaged in another crime by moving the pilfered money across the country."

The charge of interstate transportation of stolen property carries a maximum penalty of 10 years behind bars, but Caro's plea deal calls for a range of 18 to 24 months in federal prison.

U.S. District Judge George H. King set sentencing for Nov. 7.

A former producing partner of Jennifer Lopez, Caro co-produced the 2000 horror film "The Cell," starring Lopez and Vince Vaughn, and was a former judge of the Miss Universe pageant.

— City News Service, photo via Shutterstock