Actor Zachary Horwitz Arrested Over Alleged $690 Million Hollywood Ponzi Scheme - The Wall Street Journal
WASHINGTON—A Los Angeles actor was the mastermind of a $690 million Ponzi scheme that bilked investors who thought their money would finance distribution rights for movies that would run on HBO and Netflix , according to authorities.
Zachary Joseph Horwitz, who went by Zach Avery as an actor, was arrested Monday and charged with wire fraud, according to the Los Angeles U.S.Hollywood studio Lions Gate Entertainment Corp.’s specialty label Grindstone Entertainment is set as distributor.
HBO and Lions Gate didn’t immediately respond to requests for comment.