UPDATE, 7:29 AM: Actor Zachary Horwitz has pleaded guilty in a Ponzi scheme that cost investors more than $227 million with fake promises of licensing rights to films by WarnerMedia-owned HBO and Netflix in Latin America.Horwitz, who has gone by the screen name “Zach Avery,” entered his plea to one count of securities fraud Monday in Los Angeles, the U.S.
Attorney’s Office for the Central District of California said in a statement. He faces up to 20 years in prison.Horwitz used some of the stolen money to buy a $6 million house in the Beverlywood area of Los Angeles and paid off more than $300,000 in credit card debt, prosecutors said.
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