An independent film producer has been charged with interstate transportation of stolen property for the theft of nearly $1.5 million that should have gone to his partner in a film production deal.

Julio Caro, 56, was charged on July 12 with moving money to New Jersey that had been stolen from an investment company called Yucaipa Corporate Initiatives Fund I, LP.

When he was charged, prosecutors also filed a plea agreement in which Caro agreed to plead guilty to the felony offense and admitted that he stole more than $1.4 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 United States Attorney Eileen M. Decker. “Mr. Caro then engaged in another crime by moving the pilfered money across the country.”

Caro has agreed to surrender to federal authorities and make his first appearance in United States District Court on July 27.

Caro, through his company Broken Rose Productions, Inc. entered into a limited liability agreement with Yucaipa in early 2005.  The LLC, which was called R-Caro Productions, LLC produced two films, including “Homie Spumoni,” which was distributed by Warner Bros. Entertainment.

Warner Bros. sent distribution proceeds to R-Caro, but the money should have gone to Yucaipa, which had provided a majority of the financing for the film.

“Caro stole these funds and used these funds to pay for his personal expenses, including, but not limited to, his mortgage and car lease payments,” according to the plea agreement.