Small-time actor Zachary Horwitz has agreed to plead guilty to operating a $650 million Hollywood Ponzi scheme by falsely telling investors he had lucrative licensing and distribution deals with Netflix and HBO, according to reports.
As part of the deal struck with the US Attorney’s Office in Los Angeles, Horwitz, 34, will cop to one count of securities fraud at a hearing scheduled for Oct. 4, the Los Angeles Times reported. He faces up to 20 years in prison.
The actor, who has credits as Zach Avery in horror and science fiction flicks, admitted in court papers that he duped more than 250 investors — including three of his college friends and their relatives to fuel his opulent lifestyle, the newspaper said.
While Horwitz repaid a lot of the money in order to lure victims into investing more, he failed to return $231 million, according to court papers cited by the LA Times.
The “White Crow” actor