May 24, 2022

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Zachary Horowitz sentenced to 20 years in prison for a multi-million dollar Ponzi scheme

Zachary Horowitz sentenced to 20 years in prison for a multi-million dollar Ponzi scheme
Ministry of Justice He said in a press release that Horowitz “raised at least $650 million through false claims that investor money would be used to obtain licensing rights to films that HBO and Netflix allegedly agreed to distribute overseas.”

HBO, like CNN, is part of WarnerMedia.

In October, Horowitz Admission of guilt Charged with federal securities fraud and admitted to operating a Ponzi scheme.
Sentenced to 240 months, According to Monday’s releaseand must pay more than $230 million in compensation. CNN has reached out to Horowitz’s attorney for comment.
Horowitz, 35 years old accused of He put some money into his personal accounts and used the money to buy a personal residence for nearly $5.7 million in cash, take trips to Las Vegas and fly on charter planes, according to Complaint filed by the Securities and Exchange Commission.
Horowitz — better known by his stage name “Zach Avery” — has spent the past decade starring in about a dozen mostly low-budget films, including “Trespassers” and “The White Crow,” according to Profile on IMDb. He also had an uncredited minor role in the movie Fury, which starred Brad Pitt.

CNN Business’s Claire Duffy contributed to this report

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