A wannabe actor’s too-good-for-Hollywood scheme has run its final credits.
Zachary Horwitz, a small-time actor with roles in “Last Moment of Clarity” and “You’re Not Alone,” pleaded guilty Monday to running a Ponzi scheme that raised at least $650 million by lying about distribution deals with HBO and Netflix, according to the Department of Justice.
Between 2014 and 2019, Horwitz, 34, and his company, 1inMM Capital LLC, duped investors with the promise that their money would be used to purchase regional distribution rights to films, which would then be licensed to streaming services, thus generating greater profits.
In reality, there were no such deals, according to prosecutors.
Instead, Horwitz used the money to fund his own extravagant lifestyle, including a $6 million Beverlywood home.
Horwitz stole from five major groups of private investors and more than 250 sub-investors, according to the DOJ.
He faces up to 20 years in…