Actor Sentenced to 20 Years for $650M Ponzi Scheme Based on Phony Movie Licensing Deals With HBO, Netflix and Others
The scheme orchestrated by Zachary Joseph Horwitz involved raising at least $650 million from more than 250 investors, many of whom were his friends, based on fake claims their money would be used to acquire distribution rights in primarily Latin American movies that then would be licensed to streaming services and other media companies, prosecutors said.