Hollywood actor Zachary Horwitz has been sentenced to 20-years in jail after he confessed to authorities that he is responsible for operating a multi-million dollar Ponzi scheme.
The actor was given a jail term of 240 months (20 years) in federal prison after he was found guilty of swindling $650 million in a huge Hollywood Ponzi scheme.
Reports reveal that the embattled thespian who was jailed on Monday used the proceeds of the Ponzi scheme to finance a lavish lifestyle of yachts, jets and fast cars.
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Further scoop revealed that 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, top-of-the-range autos 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.
“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.”
