May 22, 2022

The Queens County Citizen

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Actor sentenced to 20 years in prison for massive pyramid scam

Actor sentenced to 20 years in prison for massive pyramid scam

A Los Angeles court on Monday sentenced a Hollywood actor, who is more talented than a comedian, to twenty years in prison for raising $ 650 million from investors using false deals with Netflix or HBO platforms.

Zachary Horwitz has been sentenced to $ 35.2 million for allegedly running a magnificent pyramid scheme that allowed him to lead a luxurious lifestyle for nearly seven years.

The approximately 250 victims identified by investigators, many of whom were friends of Zachary Harwitz and sometimes completely destroyed by his extortion, have never had a chance to see the color of their money again, private jets, a sports car and a luxury villa.

Zachary Harwitz claimed to have bought regional film rights to monetize them at huge profits from major broadcasters such as Netflix or HBO for distribution in Latin America.

He used the money taken from some to repay with 25% to 45% interest. But when the Ponzi scheme collapsed, $ 230 million was missing.

“Zachary Horwitz presented himself as a Hollywood success story (…) but because his victims learned the hard way, he was not a successful businessman or Hollywood insider. He is playing only one role, ”the prosecutor’s office summed up in their indictment.

The actor, who appeared in thriller or horror films under the stage name Jack Avery, admitted the facts last October. He acknowledged that they had not purchased any distribution rights under the names of the prestigious video-on-demand platforms and had not forged contracts.