Aspiring film actor Zachary Horwitz was indicted Tuesday for running what federal investigators describe as one of the most daring Ponzi schemes in Hollywood history. But the HBO and Netflix contracts he showed investors were fake, prosecutors say. (Jason Armond/Los Angeles Times)After five years of steadily repaying his investors’ loans with interest and on time, Horwitz abruptly began defaulting in late 2019. As payment demands and lawsuit threats mounted, he tried to reassure his lenders that he was working with HBO and Netflix to collect money they owed him. AdvertisementProsecutors say he fabricated emails from HBO and Netflix executives to keep the investors at bay, prompting the new charges of identity theft.

Source: Los Angeles Times May 04, 2021 23:51 UTC