May 24, 2022

MoviesOnline

Complete Canadian News World

Actor sentenced to 20 years in prison for massive pyramid scheme

Actor sentenced to 20 years in prison for massive pyramid scheme

A Hollywood actor who was sentenced by a Los Angeles court on Monday to 20 years in prison for receiving $ 650 million from investors for abusing contracts on Netflix or HBO platforms is a master of comedy.

Zachary Horwitz, who was charged with organizing this incredible pyramid scheme for nearly seven years and allowed him to feed a luxurious lifestyle, was also fined $ 352 million.

The approximately 250 victims identified by investigators, many of whom are friends of Zachary Harvitz and sometimes utterly devastated by his fraud, have never had a chance to see the color of their money again, private jet, sports car and luxury villa.

Zachary Horwitz claimed to buy regional film rights and later monetized them with huge profits from major broadcasters such as Netflix or HBO for distribution in Latin America.

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

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

The actor, who appeared in thriller or horror films under the stage name Jack Avery, admitted the facts last October. He admitted that he never bought the distribution rights and did not create fake contracts with the names of valuable video-on-demand sites.