LOTRO composer Chance Thomas loses sound company over ponzi scheme

    
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Many Lord of the Rings Online fans are well acquainted with Chance Thomas. While not the only composer for the MMO, his work on Shadows of Angmar, Riders of Rohan, and last year’s Mordor expansion put him in the rare category of name-recognizable MMO composers. Thomas had been working for the sound company he founded — but it sounds like that is now over due to some shady practices.

On a Facebook post, Thomas revealed that the sound studio’s parent company was involved in a ponzi scheme that ended up taking down that company and all those under it — including Huge Studios.

“Two days before Thanksgiving, my job was taken away,: Thomas said. “So were the jobs of dozens of friends, peers and associates. Some have already shared the story publicly. The company I founded in 1998, HUGEsound, which eventually became HUGE Studios after being bought by a larger holding company, has been closed. Several other companies, each operating under the same umbrella corporation, have also been shut down. All of this dismantling came as the result of a $170 million Ponzi scheme allegation against the man sitting at the top of this corporate structure. The accusations are thoroughly outlined in an SEC filing, publicly available on the Internet.”

The culprit of this event was Dean Rust and his company Rust Rare Coin Inc. He is being investigated for defrauding “at least 200 people of more than $170 million since 2013.”

Thomas said that while the loss and hurt has been devastating, he is hewing toward forgiveness as an alternative to depression or hate. “We all lost our jobs, we lost wages and benefits, and the incredible things we had been building — the stunning studio we launched, the top-notch team we assembled, the unbelievable clients we were working with, the creative results we were outputting — all went away in the blink of a judge’s eye.”

Source: Facebook, KSL

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Ocho
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Ocho

Wow. That really, really sucks. I’m sure with his talent he’ll end up just fine, but wow that is horrific.

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Sashaa

A disgrace. One more.

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Bryan Correll

Most of those rare metal investment companies are pretty shady.

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Max Sand

What an awful way to lose not only your job, but all your coworkers/employees jobs as well. Hope they are all able to quickly land on their feet, if all I have to judge their studio by is their work on LOTRO, I would say they are superbly talented and anyone would be lucky to pick up the talent from that studio.

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Roger Melly

Given his talent I am sure he will land on his feet , it sounds like he is approaching his misfortune in the most positive way possible .

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Nathan Aldana

holding companies. always ran by venture capitalist scum.

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A Dad Supreme

Hmm.

So to read this, am I to believe that a ponzi schemer took a “Chance”?

Xijit
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Xijit

Sounds like he will be able to rebuild fairly quickly, since all of his work revolved around tallent instead of possessions.

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Schmidt.Capela

I sure hope so, but it’s not that easy. He might have name recognition, but clients must be able to trust he also has the resources and team to properly deliver what he has been contracted to produce; if his previous team scatters he might have to start from scratch.