A Hollywood actor was sentenced to 20 years in jail for defrauding investors for hundreds of millions of dollars via promises of deals with Netflix and HBO:
, Zachary Horwitz — or, as he was known as an actor, Zach Avery — acquired all those millions of dollars “with bogus claims that investor money would be used to acquire licensing rights to films that HBO and Netflix purportedly had agreed to distribute abroad.” The scheme went on “for a period of more than five years” and the investors included people who were Horwitz’s “personal friends.” All of his claims of lucrative deals with Netflix and HBO were false.
“In reality,” the government says, “Horwitz’s company neither acquired film rights nor entered into any distribution agreements with HBO or Netflix. The purported copies of film licensing agreements and distribution agreements were fake.” Instead, the money he received he used to operate his 1inMM Capital company, repaying prior investors in classic Ponzi scheme style, and buying himself, among other pricy items, a “$6 million Beverlywood residence, luxury cars, and travel by private jet.
The government began its investigation in 2019 after some of his investors reported him for defaulting on his promissory notes. Horwitz was arrested last spring, and pled guilty last fall. In addition to his jail time, Horwitz was ordered to return more than $230 million to his victims. So crime did pay, at least for a little while, but now he’s the one who’s going to have to pay Be careful what you say in an interview — it could come back to haunt you.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Hollywood actor sentenced to 20 years for multimillion-dollar Ponzi schemeZachary Horwitz, a small-time actor who admitted to operating a multimillion-dollar Ponzi scheme, was sentenced to 20 years in federal prison on Monday.
Consulte Mais informação »
Aspiring Actor Gets 20 Years for $650M Netflix and HBO Deal ScamAn aspiring actor was sentenced to 20 years in federal prison Monday for running a massive Ponzi scheme that raised at least $650 million from investors in phony Hollywood film licensing deals.
Consulte Mais informação »
Allen, Jones score 20 as No. 20 Texas tops Oklahoma in OTTexas beats OU! 🤘🏀 Timmy Allen and Andrew Jones each scored 20 points to help No. 20 Texas defeat Oklahoma 80-78 in overtime on Tuesday night.
Consulte Mais informação »
Aspiring Actor Zachary Horwitz Gets 20 Years for $650M Movie Deal ScamMore than 200 investors, including three of Horwitz’s closest college friends and their family members, lost about $230 million, authorities said.
Consulte Mais informação »
Actor who bilked film investors out of $650 million gets 20 yearsActor Zachary Joseph Horwitz has been sentenced to 20 years in federal prison after he pleaded guilty to scamming investors out of an estimated $650,000,000.
Consulte Mais informação »
20 Years Later, the Road Trip Style in Crossroads Holds UpGiven that the fashion world is gaga for Y2K at the moment, the trio’s looks couldn’t feel more current.
Consulte Mais informação »