celebritiesAmerican actor Zach Avery, 35, was sentenced Monday to 20 years in prison in a major fraud case. The man, actually called Zachary Horwitz, forged 570 million euros worth of Netflix and HBO movie contracts in order to defraud investors. Avery has to repay the $230 million (about 200 million euros) he took from more than 250 victims.
Horowitz led investors to believe he had contracts with Netflix and HBO to distribute his films. His plan raised at least 650 million dollars, about 570 million euros. He used the money they invested in the projects to live a luxurious life. He was arrested in April. He admitted fraud in October. According to court documents in possession of the Los Angeles Times, he said he spent the money on private planes, luxury cars and a massive villa in Los Angeles, among other things.
The American media is talking about a “Ponzi scheme” or a pyramid scheme. Investors mistakenly believe that they are investing their money with a high return, but the scammers simply use the money they get from subsequent investors to pay the early investors.
I can never see money again
Horowitz kept the scam going for nearly seven years. When the case came up, he lost $230 million. Despite the judge’s ruling that those money must be repaid, the plaintiffs indicated during the hearing that creditors should not count on getting much of their money back.
Avery starred in Last Moment of Clarity, The White Crow, Farming and others. He also appeared as an extra in the movie Fury starring Brad Pitt.
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