The 2017 film ‘Bitter Harvest’ would not, by many definitions, be considered a success.
“It’s a bad sign when even the prayers in this movie are crappy,” observed one reviewer, who contributed to the film’s 15 per cent critic rating on Rotten Tomatoes.
It pulled in less than $600,000 (Dh2.2 million) in the United States. But that did not mean it did not still have moneymaking potential abroad. All investors needed to do was help buy the rights to distribute it and a number of other films in Latin America, Africa and New Zealand. Major distribution deals with HBO and Netflix were on the cusp of being formalised, they were told. Once those fell into place, the investors would get returns of at least 35 per cent.
By Michael Bamidele 07 April 2021 | 10:32 am
Zach Avery | Image: Metalwork/GEM/Lionsgate/Kobal/Shutterstock
American actor Zach Avery was arrested by FBI agents in Los Angeles on Tuesday for allegedly masterminding a Ponzi scheme that defrauded investors of hundreds of millions of dollars. x
Avery, whose real name is Zachary J. Horwitz, told investors his company 1inMM Capital would buy film distribution rights and license them to Netflix and HBO but in fact had “no business relationship with either company”, according to the Securities and Exchange Commission.
Instead, the 34-year-old operated the company as a Ponzi scheme, using money from new investors to pay older ones, the US Attorney’s Office for the Central District of California said in a statement. The SEC said his scheme had raised more than $690 million. The Department of Justice said it began in 2015 and that $227 million put in by victims was ye
Actor Zach Avery Arrested For Alleged $690 Million Hollywood Ponzi Scheme
The actor allegedly faked movie rights and production deals to raise over $690 million.
An actor named Zachary Horwitz, who works under the screen name Zach Avery, was arrested on Tuesday for allegedly defrauding investors of over $690 million. It s not the first Ponzi scheme to have been identified in Hollywood, but it may be one of the biggest.
An affidavit by FBI agent John Verrastro, quoted by The Hollywood Reporter, details the crimes Horwitz has been accused of. With his company 1inMM Capital, Horwitz allegedly went to investors using fraudulent distribution agreements with large companies such as HBO and Netflix. Not only were the distribution deals non-existent, but the movie rights 1inMM Capital claimed to hold were also fraudulent.
Zach Avery: Actor Zach Avery arrested in connection with Hollywood Ponzi scheme; allegedly defrauded investors of over $227 mn indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
Zachary Horwitz, a man who operated under the alias “Zach Avery,” has been taken into custody under criminal charges of scamming investors out of hundreds of millions of dollars. No, it s not the latest logline for a streaming crime series it’s real life. Netflix and HBO assisted the feds in tracking down Horwitz, who could now face up to 20 years in prison.
According to Deadline, Horwitz is charged with allegedly defaulting on more than $227 million from backers who were promised licensing rights to HBO and Netflix films in Latin America. “In reality, neither Horwitz nor 1inMM Capital ever engaged in email correspondence with Netflix or HBO, nor did Horwitz 1inMM Capital ever have any business relationship with Netflix or HBO at all,” said an April 5 affidavit from FBI Special Agent John Verrastro. “The email exchanges and licensing agreements were fake.”