Low-budget horror flick actor Zachary Horwitz admits to running a Ponzi scheme that bilked Hollywood investors out of $650 million
Horwitz admits he swindled at least five investors out of $230 million. In one example included in his plea agreement, Horwitz says he duped an Illinois investor into sending him more than $1.4 million in December 2018 with the bogus pledge that the money was buying certain international distribution rights toWhen he started defaulting on payments to clients in late 2019, Horwitz began fabricating emails with “@hbo.com” and “@netflix.
Horwitz was out of custody and accompanied by family members at the change of plea hearing. He assured the judge he was aware of the maximum 20-year sentence and not under the influence of any substances before changing his plea. The judge then warned that prison time was all but guaranteed at his sentencing set for January 3rd.“Are you pleading guilty because you are guilty?” U.S District Court Judge Mark Scarsi asked.
“Mr. Horwitz has always understood the gravity of the circumstances, the large amount of money involved and that this day would come,” his lawyer Anthony Pacheco told the court. “Mr. Horwitz has accepted responsibility for his actions, and today’s plea is an important step in that process of accepting responsibility,” defense lawyer Ryan Hedges told
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