A struggling sci-fi actor who swindled 250 investors out of $650million as part of a Hollywood Ponzi scheme of a ‘staggering magnitude,’ using it to finance a lavish lifestyle of yachts, private jets and fast cars, was sentenced on Monday to 20 years in prison.
Zachary Horwitz created fake contracts that he told investors were with HBO and Netflix to trick them into handing over vast sums of money, which he splurged on private flights, nightclubs, millions in credit card payments and a luxury Los Angeles mansion, complete with a wine cellar.
‘Horwitz portrayed himself as a Hollywood success story,’ prosecutors said, according to the Department of Justice.
Struggling actor-turned-con man Zachary Horwitz, 35 (right), arrives in US District Court in Los Angeles on Monday to be sentenced to 20 years in prison after pleading to a securities fraud charge in a $650million Ponzi scheme
‘He branded himself as an industry player, who… 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.’
Appearing before Judge Mark Scarsito on Monday, Horwitz tearfully apologized for his ‘misguided, awful decisions’ that caused ‘immense pain and hardship. He begged for mercy, saying he wanted to be there for his young sons.
‘I hope you consider the whole man, not just…
