American actor Zachary Horwitz, 35, was sentenced on Monday February 14 in Los Angeles to 20 years in federal prison for executing an elaborate $650 million Ponzi scheme focused on the bogus film distribution rights.
Horwitz, who used the name of Zach Avery in film credits, he swindled hundreds of investors who thought their money would finance the distribution rights of movies to be broadcast on HBO and netflix, according to the Los Angeles US Attorney’s Office. Prosecutors say he is the largest ponzi scheme in hollywood history.
actually the money went to his exorbitant lifestyleincluding the purchase of a 6 million dollar house in Beverlywood. In addition, it was allocated pay previous investorspick up the middle CBS Los Angeles.
federal district judge Mark Scarsi also ordered Horwitz to pay a restitution of 230.3 million dollars. The interpreter was arrested in April and pleaded guilty in October of securities fraud. He ran the company 1inMM Capitalusing the victims’ money to pay back previous investors and finance an “affluent” lifestyle, federal prosecutors said.
Using your screen name Zach AveryHorwitz had a small role in The White Crowa 2018 biographical drama written by David Hare and directed by Ralph Fiennes chronicling the life and career of the ballet star Rudolf Nureyev. Avery also appeared in the little-known movies Last Moment of Clarity Y farmingaccording IMDB.
Scheme started in October 2014when investment firms began entering into a series of six- or twelve-month notes with 1inMM Capital, according to Horwitz’s statements. The funds provided were supposed to acquire the rights to a specific filmaccording to documents filed in Los Angeles federal court.
Prosecutors said that to persuade investors that it was legitimate, Horwitz provided bogus license and distribution agreements with Netflix and HBOwhich allegedly contained forged or fictitious signatures.
Despite Horwitz’s claim that “strong relationships” With these platforms streamingthe Netflix representatives and HBO deny doing business with Horwitz or 1inMM Capital.
“He spent a fortune, living a life of extravagance, while robbing his victims, including some he once they thought it was their friendwith a bill of $230 million that has left many of them financially broke and personally devastated”, according to federal prosecutors.
Source: Eluniverso
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