Home Scam/Fraud Inside one of Hollywood’s most audacious Ponzi schemes » Scammer News

Inside one of Hollywood’s most audacious Ponzi schemes » Scammer News

0

The promise of easy money brought Jim Russell to a bar at the Four Seasons Hotel in Beverly Hills.

Russell, a steel company executive from Las Vegas, had come to meet Zachary Horwitz, a low-level actor seeking investors for his film company.

Horwitz made it sound simple: He would use Russell’s money to buy the rights to cheap movies — “Slasher Party,” “Satanic Panic” and the like — and then resell them to HBO for distribution in Latin America. He’d pay Russell back in six months with a 15% profit.

Russell had already wired Horwitz more than half a million dollars after a friend vouched for the 30-year-old actor.

Now, Horwitz was offering a chance to invest much more.

At dinner that night in 2017, Russell was intrigued but nervous. What would happen if HBO declined to buy the rights to a film, he asked.

“HBO has never backed out,” Horwitz replied, according to Russell.

Over the next two years, Russell…

Click here for full article: [source_domain