Peter Steinfeld (21) will write Money For Nothing for Warner Independent Pictures, The Hollywood Reporter says.

Based on Edward Ugel's memoir, the story revolves around a company called The Firm, which scams lottery winners out of their future earnings by offering them cash upfront.

Ugel's book was published by HarperCollins last September.

Alissa Phillips, Mark Ross and Richard Gold will produce the film.

21, about a group of MIT students who millions from Vegas casinos by card-counting, is currently leading the UK box office.