The 56-year-old actor, who played Joe Hunt in the original, will return as his father Ryan Hunt, reported Variety.
Also starring Ansel Elgort, Taron Egerton and Kevin Spacey, the film will see Elgort getting into the shoes of Joe Hunt.
Egerton is playing tennis pro Dean Karny while Spacey is portraying Ron Levin.
Suki Waterhouse and Emma Roberts have been roped in to play the love interests of Karny and Hunt.
The film will revolve around the rise and fall of Hunt and Karny, who ran a Ponzi scheme called the Billionaire Boys Club in the early 1980s.
Hunt ended up being convicted of killing Levin in 1987 and Karny served as the state's witness in the trial.
James Cox will be directing the project from a script he co-wrote with Captain Mauzner.
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