Hollywood actor's Ponzi scheme, explained: Why investors keep falling for scams
CNN
The tale of Zachary Horwitz made headlines this week after he was sentenced to 20 years for bilking investors out of $650 million by peddling bogus licensing deals with HBO and Netflix.
Ironically, it is just the kind of juicy swindler story you might binge watch on those platforms: Horwitz, a 35-year-old actor who had bit roles in a handful of low-budget films over the past decade, pleaded guilty last fall to committing federal securities fraud and running an illegal operation known as a Ponzi scheme. For years, prosecutors say, Horwitz used his investors' money to fund a lavish Hollywood lifestyle — until his scam unraveled.
Ponzi schemes, explained
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