An American actor who defrauded $650 million in a massive Hollywood ponzi scheme, using it to finance the lavish lifestyle of yachts, jets and fast cars, was jailed on Monday for 20 years.
Zachary Horwitz made a fake contract he told investors with HBO and Netflix to trick them into handing over large sums of money, which he spent on private flights, high-end cars and a Los Angeles mansion, complete with wine cellar.
“Horwitz portrayed himself as a Hollywood success story,”
“He branded himself as an industry player, who… leveraged his relationships with online streaming platforms like HBO and Netflix to sell them foreign film distribution rights at a steady premium. prosecutors said, according to the Department of Justice.
“But, as his victims came to learn, (Horwitz) was not a successful businessman or Hollywood insider. He just played one.”
Horwitz, who acted in a small-time horror film under the name Zach Avery, told investors he bought foreign distribution rights for U.S. films, and then sold them to streaming platforms.
The 35-year-old gave each victim a note promising huge profits six or 12 months later Over seven years he maintained the scheme by using new investor money to pay for the old one.
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By the time it all fell apart, more than $230 million had vanished.
Horwitz will be jailed for 20 years, and ordered by Judge Mark Scarsito to repay $230 million to his victims.
SKJ