James Cox has signed on to direct the indie crime thriller Billionaire Boys Club.

According to The Hollywood Reporter, the film will be based on the true story of a group of wealthy young men in Los Angeles during the '80s who resorted to murders after their social and investment club went sour.

The BBC was composed of young graduates of the Harvard School for Boys (known today as Harvard-Westlake School) who schemed to use investor money to support their lavish lifestyles. When funds ran short in 1984, founding member Joe Hunt and others resorted to extortion, kidnapping and, ultimately, two murders. Trials and convictions ensued. Hunt, who represented himself, remains behind bars.

"As soon as I started doing research, I discovered there were certain events that no one had written about or discussed before," Cox said. "For one, brief, shining spot, there was a place called Camelot. These men were truly on the verge of a billion dollars. These were all young men, coming up through Beverly Hills, dealing with the pressure of being part of the L.A. elite. Joe Hunt was a Svengali who seduced them."

The Cox brothers created a composite character based on several of the BBC members. This character falls under Hunt's influence and is led through a series of white collar deceptions that evolve into fraud. He must decide between making two different choices that will alter his life.

Production will begin late-summer/early fall.