US actor Zach Avery was arrested on Tuesday by FBI agents in Los Angeles for allegedly staging a Ponzi scheme that defrauded hundreds of millions of investors, US officials say

Avery, real name Zachary Horwitz, told investors that his company 1inMM Capital would buy the distribution rights to the films and license them to Netflix and HBO, but actually had “no commercial relationship with it. ‘one or the other company,’ according to the Securities and Exchange Commission

Instead, the 34-year-old was running the business like a Ponzi scheme, using new investor money to pay the older ones, the U.S. Attorney’s Office for the Central District of California said in a statement

The SEC said its plan raised more than $ 690 million The Department of Justice said it started in 2015 and that $ 227 million invested by victims has yet to be repaid

Horwitz, described by the Los Angeles Times as “a little actor”, failed to succeed as an actor He starred in the critically-acclaimed 2020 film “Last Moment of Clarity”

He allegedly used the money from the program to fund a lavish lifestyle, which authorities said included trips to Las Vegas, buying a house worth $ 6 million, and payment from a famous interior designer

Authorities said the program started in 2015 and that Horwitz and 1inMM had promised victims a return of more than 35%

To establish his legitimacy, “Horwitz provided investors with bogus licensing deals, as well as bogus distribution deals with Netflix and HBO, all of which contained forged or fictitious signatures,” the US attorney’s office said

Horwitz has been charged with wire fraud and could face up to 20 years in prison if convicted

(Except for the title, this story was not edited by NDTV staff and is posted from a syndicated feed)

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Zach Avery

World News – California – Hollywood actor Zach Avery arrested in multimillion dollar Ponzi scheme

Source: https://www.ndtv.com/entertainment/actor-zach-avery-arrested-in-multi-million-dollar-ponzi-scheme-2408188