Home Scam/Fraud Hollywood grifter: the actor who took Tinseltown for a Ponzi scheme ride...

Hollywood grifter: the actor who took Tinseltown for a Ponzi scheme ride | Scams

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It’s a tale about a Hollywood grifter that reads like an outlandish movie script. But this real-life story has left Tinseltown asking how an unknown, peripheral player could have scammed millions from so many out-of-town investors hoping to cash in on the boom of streaming platforms such as Netflix and HBO.

Last week, Zachary Horwitz, a B-movie actor with a taste for the high life, pleaded guilty to a single count of felony securities fraud, carrying a maximum penalty of 20 years in prison. But behind the dry legalese of his plea, something more – though not necessarily new – was learned about the hunger for content and profit in the enduring global capital of the movie business.

Horwitz – who worked under the stage name Zach Avery – had claimed to be in business finding and licensing Spanish-language movies and TV series to Netflix and HBO. But according to FBI, he had in fact run a five-year, multimillion-dollar Ponzi…

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