Film actor Zachary Horwitz faces up to 20 years in prison after admitting he faked HBO and Netflix film deals in a $650-million Ponzi scheme.
Actor Zachary Horwitz collected $690 million from investors for movie deals the FBI says were fictitious.
after the former fruit peddler and dishwasher could no longer sustain his scam of using the $250,000 he was collecting each day from new investors in his postal coupons to repay the earlier ones. While some were wealthy or institutional investors, others were middle-class or elderly people who lost their retirement savings, prosecutors said. They felt “shame, stress, depression, [temptations of] suicide, loss of dignity, and loss of faith in humanity,” their memo says.
“I am surviving on food stamps, family loans, unemployment and any work I can find while I battle the combination of all my money being stolen and my other business being shut down from Covid,” the person wrote. “I have NOTHING!”
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