![Best Times to Post on YouTube in 2025 [Research]](https://www.hubspot.com/hubfs/best-time-to-post-youtube.jpg)
![12 Web Design Best Practices & Guidelines for Usability in 2025 [+ Expert Tips]](https://www.hubspot.com/hubfs/website-design-1-20241121-4075840.webp)
City National Bank Faces $770 Million Lawsuit for Role in Hollywood Ponzi Scheme
The post City National Bank Faces $770 Million Lawsuit for Role in Hollywood Ponzi Scheme appeared on BitcoinEthereumNews.com. The renowned financial institution, City National Bank (CNB), is currently embroiled in a significant legal battle, facing accusations of facilitating a massive Ponzi scheme in Hollywood. This suit claims CNB played an instrumental role in the fraudulent activities allegedly orchestrated by Zachary Horwitz, a film producer now convicted of running a notorious scheme. Notably, the plaintiffs are seeking $770 million in damages, asserting the bank’s involvement in Horwitz’s deceptive operation that swindled investors out of enormous sums. City National Bank Faces Lawsuit Over Alleged Role in Hollywood Ponzi Scheme Allegations Against City National Bank City National Bank, often dubbed the “bank to the stars,” is under intense scrutiny after being implicated in a wide-reaching Hollywood Ponzi scheme. The plaintiffs in the case allege the bank’s compliance facilitated the illicit activities of Zachary Horwitz, who masterminded the complex scam. Zachary Horwitz and the Ponzi Scheme Zachary Horwitz misled investors by promising substantial returns through fictitious film-licensing deals with giants like Netflix and HBO. The Securities and Exchange Commission (SEC) revealed that Horwitz’s scheme, running from 2013 to 2019, falsely assured returns of more than 35%. In reality, Horwitz used the funds to sustain his extravagant lifestyle and repay earlier investors, a classic characteristic of Ponzi schemes. Legal Implications for CNB The lawsuit contends that City National Bank’s actions were instrumental in aiding Horwitz. It is reported that CNB sanctioned $64.2 million in loans, processed over $1 billion in transactions, and issued 456 credit extensions to Horwitz. The plaintiffs argue that CNB’s involvement added a layer of legitimacy to Horwitz’s operation, encouraging more investors to trust and subsequently lose their money. Bank’s Alleged Negligence and Complicity The plaintiffs further allege that CNB overlooked significant warning signs and bent regulatory rules in its dealings with Horwitz. These accusations underscore the bank’s potential negligence…
The post City National Bank Faces $770 Million Lawsuit for Role in Hollywood Ponzi Scheme appeared on BitcoinEthereumNews.com.
The renowned financial institution, City National Bank (CNB), is currently embroiled in a significant legal battle, facing accusations of facilitating a massive Ponzi scheme in Hollywood. This suit claims CNB played an instrumental role in the fraudulent activities allegedly orchestrated by Zachary Horwitz, a film producer now convicted of running a notorious scheme. Notably, the plaintiffs are seeking $770 million in damages, asserting the bank’s involvement in Horwitz’s deceptive operation that swindled investors out of enormous sums. City National Bank Faces Lawsuit Over Alleged Role in Hollywood Ponzi Scheme Allegations Against City National Bank City National Bank, often dubbed the “bank to the stars,” is under intense scrutiny after being implicated in a wide-reaching Hollywood Ponzi scheme. The plaintiffs in the case allege the bank’s compliance facilitated the illicit activities of Zachary Horwitz, who masterminded the complex scam. Zachary Horwitz and the Ponzi Scheme Zachary Horwitz misled investors by promising substantial returns through fictitious film-licensing deals with giants like Netflix and HBO. The Securities and Exchange Commission (SEC) revealed that Horwitz’s scheme, running from 2013 to 2019, falsely assured returns of more than 35%. In reality, Horwitz used the funds to sustain his extravagant lifestyle and repay earlier investors, a classic characteristic of Ponzi schemes. Legal Implications for CNB The lawsuit contends that City National Bank’s actions were instrumental in aiding Horwitz. It is reported that CNB sanctioned $64.2 million in loans, processed over $1 billion in transactions, and issued 456 credit extensions to Horwitz. The plaintiffs argue that CNB’s involvement added a layer of legitimacy to Horwitz’s operation, encouraging more investors to trust and subsequently lose their money. Bank’s Alleged Negligence and Complicity The plaintiffs further allege that CNB overlooked significant warning signs and bent regulatory rules in its dealings with Horwitz. These accusations underscore the bank’s potential negligence…
What's Your Reaction?
