Los Gatos California, USA – August 24, 2020 Actor Sentenced to 20 Years for $650M Ponzi Scheme Based on Phony Movie Licensing Deals With HBO, Netflix and Others
The scheme orchestrated by Zachary Joseph Horwitz involved raising at least $650 million from more than 250 investors, many of whom were his friends, based on fake claims their money would be used to acquire distribution rights in primarily Latin American movies that then would be licensed to streaming services and other media companies, prosecutors said.
February 17, 2022 at 11:57 PM
3 minute read
Criminal Law
A Los Angeles-based actor has been sentenced to 20 years in prison after using fake agreements and phony email exchanges with companies like HBO and Netflix to run a $650 million Ponzi scheme based on the lie that he was licensing movie distribution rights to major companies, according to a Department of Justice news release and court documents.
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