Ponzi Scheme

Actor to Plead Guilty in $650 Million Hollywood Ponzi Scheme Involving Fake HBO, Netflix Deals

Actor Zachary Joseph Horwitz currently owes investors approximately $230.36 million

Zach Avery in "The Gateway" 2021.
Lions Gate / Courtesy Everett Collection

Actor Zachary Joseph Horwitz has agreed to plead guilty to running a massive Hollywood Ponzi scheme that promised non-existent film rights to investors.

Horwitz will plead guilty to one count of securities fraud, according to a plea agreement filed in the United States District Court for the Central District of California earlier this month.

His hearing is scheduled for Oct. 4, Thom Mrozek, the director of media relations for the United States Attorney’s Office for the Central District of California, told NBC News on Thursday.

Horwitz, who has acted under the name Zach Avery in low budget films, faces up to 20 years in prison, followed by three years of supervised release.

Read the full story on NBCNews.com

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