Actor Zachary Horwitz is facing 20 years in prison after pleading guilty to operating a $650 million Hollywood Ponzi scheme. Horwitz admitted to lying to investors, leading them to believe he secured million-dollar licensing and distribution deals with Netflix and HBO, The New York Post reports.
Horwitz, 34, struck a deal with the US Attorney’s Office in LA. He accepted one count of securities fraud. He’s had small credits under the alias “Zach Avery” in horror and science fiction movies.
Horwitz told an LA court that he misled 250 investors, including three of his college friends and their relatives, to invest money in fabricated projects that funded his lavish lifestyle. He was able to repay much of the money but failed to return $231 million.
Some of the money went toward his purchase of a $5.7 million home in LA — equipped with a pool, gym, screening room, and a 1,000-bottle wine cellar. The scheme began in 2014 and lasted for…