Ep 16. Red Carpet Rip-off

American Greed is an informative series that depicts the true stories of the most outrageous and sophisticated financial crimes in America. Each episode of this riveting program features in-depth interviews with victims, expert analysts, and law enforcement officials who detail how con artists pulled off their schemes and reveal the devastating impact on their victims.

Season 11 episode 16 of American Greed titled The Red Carpet Rip-off tells the story of a former Hollywood executive, Zachary Horwitz, who scammed investors out of over $600 million by creating a fake movie distribution company. Horwitz, a small-time actor with a few minor roles, seemed to have a bright future ahead of him in Hollywood. However, when his acting gigs dried up, he turned to creating a bogus company that would distribute movies to some of the biggest streaming companies in the world.

Horwitz created his company, 1inMM Capital, and used his charm and persuasive skills to convince wealthy investors to back him. He told them that he had exclusive rights to distribute foreign films to companies like Netflix and HBO, which would bring in substantial profits. He even went as far as creating fake emails and contracts to convince the investors that he had legitimate deals in place.

As the money poured in, Horwitz continued to expand his operation, living a lavish lifestyle with expensive cars, homes, and vacations. He even appeared on red carpets at film festivals, rubbing shoulders with A-listers like Denzel Washington and Tom Hanks.

However, the investors eventually caught on to Horwitz's scheme when they started to ask for their returns. He told them that the funds were tied up in bank accounts overseas, but they could not get access to their money. Eventually, the investors started to demand their money back, and Horwitz's operation crumbled.

The episode of American Greed takes viewers through the elaborate scheme that Horwitz created and the lengths that he went to deceive investors. Experts in the field of financial crimes also provide insight into how individuals like Horwitz can manipulate people and their money.

The Red Carpet Rip-off also delves into the repercussions that the investors faced and the long legal battle that ensued. Horwitz was eventually caught and is currently serving a 25-year prison sentence.

This episode of American Greed is a cautionary tale about how easy it is for individuals to fall prey to financial fraud and the importance of doing your due diligence before investing in any opportunity. It also highlights how sophisticated fraudsters can get and how they can use charm and deceit to manipulate people into backing their schemes.

In summary, American Greed season 11 episode 16, The Red Carpet Rip-off, is an eye-opening account of how a former Hollywood executive swindled investors out of millions in an elaborate movie distribution scam. It's a cautionary tale about the dangers of financial fraud and the importance of doing your homework before investing in any opportunity.