An actor behind a Ponzi scheme that cost investors more than $230M with fake promises of film rights pleaded guilty Monday and faces up to 20 years in prison, prosecutors say.
of film rights pleaded guilty Monday and faces up to 20 years in prison, prosecutors said.
He pleaded guilty to one count of securities fraud Monday, the U.S. Attorney's Office for the Central District of California said in a statement. But the money was not going to that, and the licensing agreements and deals with Netflix and HBO were fake, Horwitz admitted in a plea agreement. The companies said they never did business with him or his company, prosecutors said. The overall scheme raised at least $650 million and caused more than $230 million in losses.
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