LOS ANGELES (CBSLA) – 34-year-old Los Angeles actor arrested on charges of defrauding investors of staggering $ 227 million in elaborate movie-related Ponzi scheme

Beverlywood’s Zachary Joseph Horwitz – who went by the name of Zach Avery – was arrested by the FBI on Monday on allegations he convinced several investment firms to give him nearly a quarter of a billion dollars in five years since it falsely claimed to be used to acquire worldwide license rights to distribute movies to streaming services like Netflix and HBO

According to the US Attorney’s Office, starting in 2015, Horwitz used bogus promotional material through his company, 1inMM Capital LLC, to trick investors into giving him money that he claimed was intended for the acquisition of film distribution licenses

He provided investors with bogus licensing and distribution deals with Netflix and HBO The two companies said they had no such deals with Horwitz, the US attorney’s office said

Investors gave him six-month and one-year promissory notes which were each to be used to acquire rights to a specific film

Instead, the money went into his exorbitant lifestyle, including buying a $ 6 million house in Beverlywood, prosecutors said It was also used to reimburse previous investors

When he started to default on the ratings in 2019, he passed on entirely bogus correspondence to investors that he claimed was from executives at HBO and Netflix

Horwitz made his first appearance in federal court in downtown LUNE on Tuesday, where his bail was set at $ 1 million His arraignment is scheduled for May 13

Zachary Horwitz

World News – United States – Los Angeles actor Zachary Horwitz arrested in $ 227 million Ponzi scheme

Source: https://losangeles.cbslocal.com/2021/04/07/la-actor-zachary-horwitz-arrested-in-227m-ponzi-scheme/