Hollywood Actor Zachary Horwitz Jailed For $650 Million Movie Ponzi Scheme
NDTV
Zachary Horwitz was buying foreign distribution rights for US movies, and then selling them to streaming platforms.
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.
"Horwitz portrayed himself as a Hollywood success story," prosecutors said, according to the Department of Justice.
"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.
