SEC Obtains Final Judgment Against Zachary Horwitz in Connection With a $690 Million Ponzi Scheme

On February 14, 2024, the Securities and Exchange Commission obtained a final judgment against Zachary Horwitz, who the SEC charged with an alleged Ponzi scheme that raised over $690 million.

The complaint alleged that Horwitz falsely claimed to have a track record of successfully selling movie rights to Netflix and HBO when, in fact, he had never sold any movie rights to, or done any business with, HBO or Netflix. Horwitz allegedly showed investors fabricated agreements and emails regarding the purported deals with HBO and Netflix. The complaint alleged that Horwitz promised investors returns in excess of 35%, and for many years paid supposed returns on earlier investments using funds from new investments. The complaint further alleged that Horwitz misappropriated investor funds for his personal use, including the purchase of his multi-million dollar home, trips to Las Vegas, and to pay a celebrity interior designer.

Source: SEC Obtains Final Judgment Against Zachary Horwitz in Connection With a $690 Million Ponzi Scheme