Actor Who Pleaded Guilty In Hollywood Film Licensing Ponzi Scheme Gets 20-Year Sentence

deadline.com:

UPDATED with sentencing: Zachary Horwitz, the Hollywood actor who pleaded guilty last fall for operating a Ponzi scheme that bilked $650 million from investors who thought their money would be used to acquire licensing rights to films, was sentenced to 20 years in prison Monday.U.S.

District Judge Mark C. Scarsi also also ordered Horwitz to pay $230,361,884 in restitution to his victims. Horowitz, whose screen name was Zach Avery, pleaded guilty in October to one count of securities fraud after his arrest in April 2021.His scheme went on for more than five years, with Horowitz raising millions of dollars from investors — some personal friends– by telling him their money would be used by his company, 1inMM Capital, to acquire film distribution rights in foreign territories, which then would be licensed to online platforms like Netflix and HBO.

None of that ever actually happened, with the documents faked and the money instead used to fund a lavish lifestyle that included a $6 million Beverlywood home, expensive cars and private jets.“Defendant Zachary Horwitz portrayed himself as a Hollywood success story,” the U.S.

Attorney’s Office for the Central District of California said today citing a sentencing memorandum. “He branded himself as an industry player, who, through his company…leveraged his relationships with online streaming platforms like HBO and Netflix to sell them foreign film distribution rights at a steady premium… But, as his victims came to learn, [Horwitz] was not a successful businessman or Hollywood insider.