Actor Zachary Horwitz sentenced to 20 years for running $650 million Ponzi scheme

publish 2022-04-26,browse 3
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Fox News Flash top entertainment headlines 2/14 Fox News Flash top entertainment and celebrity headlines are here. Check out what clicked this week in entertainment.NEWYou can now listen to Fox News articles! Zachary Horwitz was sentenced to 20 years in federal prison on Monday for running a massive Ponzi scheme that raised at least $650 million from investors in phony Hollywood film licensing deals.The aspiring actor from Los Angeles, who went under the screen name Zach Avery, was also ordered to repay more than $230.3 million.‘REAL HOUSEWIVES’ STAR JEN SHAH NEEDS TO FIND ‘HUMILITY’ DURING TRIAL, TERESA GIUDICE’S ATTORNEY SAYS Zachary Horwitz, 35, flanked by attorneys Ryan Hedges, left, and Anthony Pacheco, was sentenced to a maximum of 20 years by a federal judge for running what prosecutors say is the biggest Ponzi scheme in Hollywood history. (Gary Coronado / Los Angeles Times via Getty Images)Prosecutors alleged that from 2014 to 2019, the 35-year-old secured hundreds of millions of dollars in loans for his film company, 1inMM Capital LLC, by falsely claiming the money would be used to buy distribution rights to films that would then be licensed for distribution to streaming platforms, such as Netflix and HBO.However, Horwitz went on to use some of the money to repay earlier investors in a classic Ponzi scheme, prosecutors said. He also used the funds to support a more lavish lifestyle that included a $6 million home, expensive cars and private jets.CLICK HERE TO SIGN UP FOR THE ENTERTAINMENT NEWSLETTER Zachary Horwitz, an aspiring actor, went under the name Zach Avery. (Photo by Barry King/WireImage)More than 200 investors, including three of Horwitz’s closest college friends and their family members, lost about $230 million, authorities said.Horwitz appeared in several movies, usually in smaller roles. He pleaded guilty in October to one count of securities fraud after his April 2021 arrest. Zachary Horwitz claimed to his investors that their money would be used to buy distribution rights to movies that would then be licensed for distribution to streaming platforms such as Netflix and HBO. (Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images)"Defendant Zachary Horwitz portrayed himself as a Hollywood success story," said the U.S. Attorney’s Office for the Central District of California. "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. He just played one in real life." The Associated Press contributed to this report. Stephanie Nolasco covers entertainment at Foxnews.com.

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