Hollywood Swindler Gets 20 Years for $650M 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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http://www.thedailybeast.com/zachary-horwitz-hollywood-swindler-jailed-for-20-years-and-ordered-to-repay-dollar230-million-over-ponzi-scheme?via=newsletter&source=CSAMedition
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