Hollywood Ponzi Scheme|Actor Ponzi Scheme

hollywood actor ponzi scheme|actor ponzi scheme|hollywood actor arrested in ponzi scheme:An American actor who swindled $650 million in a huge Hollywood ponzi scheme, using it to finance a lavish lifestyle of yachts, jets and fast cars, was jailed Monday for 20 years.Zachary Horwitz created fake contracts that he told investors were with HBO and Netflix to trick them into handing over vast sums of money, which he splurged on private flights, top-of-the-range autos and a luxury Los Angeles mansion, complete with a wine cellar.

Zachary Horwitz, the Hollywood actor who pleaded guilty last fall for operating a Ponzi scheme that bilked $650 million from investors who thought their money would be used to acquire licensing rights to films, was sentenced to 20 years in prison Monday.U.S. District Judge Mark C. Scarsi also also ordered Horwitz to pay $230,361,884 in restitution to his victims. Horowitz, whose screen name was Zach Avery, pleaded guilty in October to one count of securities fraud after his arrest in April 2021.

hollywood actor ponzi scheme

A small-time actor who became a big-time fraudster with a $650 million Hollywood ponzi scheme was just hit with a 20-year prison sentence. Zachary Horwitz, who had roles in some low budget films under the name Zach Avery, was sentenced Monday for swindling hundreds of millions of dollars out of investors to finance a billionaire’s lifestyle of yachts, private jets and sports cars. Horwitz raised at least $650 million by telling investors he was selling foreign distribution rights to streaming platforms, prosecutors said.

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. But, as his victims came to learn,(Horwitz) was not a successful businessman or Hollywood insider. He just played one,” the Justice Department said. In addition to the lengthy prison term, Horwitz was also ordered to repay $230 million to his victims.

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Hollywood Ponzi Scheme

The American actor, who defrauded $650 million in a massive Hollywood Ponzi scheme to fund a lavish lifestyle of yachts, planes and cars, was sentenced to 20 years in prison.According to the lawsuit filed by the Securities and Exchange Commission, Horvitz was accused of putting part of the money into his personal accounts and using the money to buy roughly $5.7 million worth of personal residences in cash, going to Las Vegas and flying on charter flights.

According to officials, more than 200 investors, including three of Horwitz’s closest college buddies and their families, lost around $230 million.

Los Angeles Times wrote, “He began by betraying the trust of his own friends, people who lowered their guard because they could not possibly imagine that someone they had known for years would unflinchingly swindle them and their families out of their life savings.”Horwitz was sentenced to 20 years in prison and ordered by Judge Mark Scarsito to compensate his victims $230 million.