LOS ANGELES (AP) — A Los Angeles man from Fort Wayne was arrested on suspicion of running a $227 million Ponzi scheme that solicited investors for phony film licensing deals.
Prosecutors say Zachary Joseph Horwitz is charged with wire fraud. It wasn’t immediately known if Horwitz has an attorney.
Horwitz allegedly told investors that their money would be used to purchase film distribution rights that would then be licensed to platforms such as HBO and Netflix.
But instead of using the funds to make distribution deals, Horwitz allegedly used victims’ money to repay earlier investors and to fund his own lifestyle, including the purchase of a $6 million home.
Horwitz attended Carroll High School in Fort Wayne. He graduated in 2005.