The financially troubled stockbroker who appears to have played a role in the real-life crime drama that scuttled the Broadway musical “Rebecca” was to receive a commission on the $4.5 million that he was said to be raising for the show, an unusual arrangement in modern theater financing, a person with knowledge of the matter said Thursday.

But in the days since the show’s spectacular implosion on Sunday, it seems increasingly likely that the stockbroker, Mark C. Hotton, fabricated the mysterious four investors whom its producers were relying on for $4.5 million of the show’s $12 million budget, according to a Ronald G. Russo, a lawyer for the show’s lead producer.

Stephen B. Wexler, a Long Island lawyer who said on Wednesday that he represented Mr. Hotton in some legal matters but not in a criminal investigation into the show’s collapse, did not return a call or e-mail seeking comment on Thursday.

Neither Mr. Hotton nor any of the investors ever provided any portion of the money to the production, and Mr. Hotton was never paid any commissions or fees, according to the person with knowledge of the situation.