Low-budget horror and sci-fi actor Zachary Horowitz has agreed to plead guilty to running a massive Hollywood Ponzi scheme.
Horowitz, 34, admitted in court papers that he deceived investors into giving him more than $650 million in fantasy movie deals with HBO and Netflix.
While Horowitz paid a lot of money in order to lure victims into investing more, he also spent large sums of it to fund his “lavish lifestyle,” according to his September 1 plea agreement with the US Attorney’s office in Los Angeles. Horowitz admitted that he failed to pay $231 million.
The agreement calls for Horowitz to plead guilty to one of the securities fraud offenses at an October 4 hearing. The plaintiffs indicated in court records that they would ask U.S. District Judge Mark C. . He faces up to 20 years in prison.
Read the full story at LATimes.com.