News reports and film industry announcements

Actor Zach Horwitz, 'Midwestern, Millennial Madoff,' Found Guilty in $690M Ponzi Scheme

May 29, 2024, 11:56 AM

Zach Horwitz, a small-time actor, has been found guilty of orchestrating a $690 million Ponzi scheme, which duped friends, family, and investors. Horwitz, dubbed the 'midwestern, millennial Madoff,' claimed to buy cheap movie rights and sell them to major streaming platforms. His fraudulent activities have been documented in a new film, 'Hollywood Ending,' directed by Rebecca Chaiklin and acquired by Amazon MGM Studios. Horwitz's scheme involved his film distribution company, which falsely claimed to have partnerships for licensing foreign distribution rights to various films, including 'The Lords of Salem' and 'Kickboxer.' A studio executive commented on the prevalent perception of Hollywood as a money factory, which Horwitz exploited to his advantage. The story was first reported by the New Yorker.