Also starring Ansel Elgort and Taron Egerton, the project will be directed by "Wonderland" helmer James Cox, from a script he co-wrote with Captain Mauzner.
The 56-year-old "American Beauty " actor will portray Beverly Hills high-roller Ron Levin, reported Variety.
The film is based on the true story of the rise and fall of Hunt and Karny, who ran a Ponzi scheme called the Billionaire Boys Club.
The club disintegrated when Levin's investment turned out to be worthless. Hunt went on to murder to raise funds and was convicted in 1987 of killing Levin. Karny served as the witness in the trial.
"Billionaire Boys Club" miniseries was aired in 1987 with Judd Nelson playing Hunt, Ron Silver as Levin and Brian McNamara as Karny.