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After receiving a whopping $650 million from HBO and Netflix for movie deals, actor Zachary Horwitz recently agreed to plead guilty to operating an enormous Hollywood Ponzi scheme.
Recent court papers entail Horwtiz’s confession to deceiving investors to give him a lump sum of $650 million for movie deals. The actor, 34, is most known for his low-budget horror films, which struck suspicion after he asked for such a hefty amount of cash.
As he’s failed to repay $231 million, it’s said that Horwitz used that money to lure victims into investing more while also blowing the money on his “lavish lifestyle,” according to his plea agreement on September 1st with the U.S. attorney’s office in Los Angeles.
Now facing up to 20 years in prison, Horwitz was found guilty of one count of securities fraud during his hearing on October 4th. Prosecutors shared in court records that they will ask U.S. District Judge Mark C. Scarsi to inflict a lengthy sentence due to the extensive resources that Horwitz managed to secure.
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