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The Fury actor told investors that he would buy film distribution rights and license them to Netflix and HBO but had no relationship with either company.
The Securities and Exchange Commission said his scheme had raised more than $690 million.
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, US authorities said.
Avery, whose real name is Zachary 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.
Zach Avery: Hollywood actor arrested over $690m Ponzi scheme yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
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.
Zachary Horwitz News and Videos | One News Page onenewspage.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from onenewspage.com Daily Mail and Mail on Sunday newspapers.