Noted a previous release via ‘We created 1inMM Productions to produce high concept genre films with an edgy and unique approach to storytelling.’ Adding
, ‘Together, we have a shared commitment of cultivating the rise of a new class of auteurs.’
Zachary Horwitz 1inMM Capital LLC fake producer, pictured far right.
Elaborate deception
Horwitz also told investors his company distributed 52 films in South America, Africa and Australia, according to court records, and gifted his funders bottles of pricey Johnny Walker Blue Label scotch.
The actor who effectively played the part of a real life producer would forge signatures from licensing firms on the pretense that deals had been consummated.
Actor Arrested for Running Film Investment Ponzi Scheme
Pat Saperstein, provided by
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Actor and movie investor Zachary Horwitz, who is sometimes credited as Zach Avery, was arrested Tuesday on charges that he ran a Ponzi scheme that swindled investors out of $227 million.
Horwitz, 34, was taken into custody by special agents with the FBI, the U.S. Attorney’s Office reported. Horwitz claimed investors’ money would be used for buying rights to films that HBO and Netflix had signed on to distribute internationally, particularly in Latin America.
Horwitz appeared Tuesday in United States District Court on a charge of wire fraud, which carries a statutory maximum penalty of 20 years in prison.
Hollywood Actor Zach Avery Arrested for Allegedly Running $227 Million Ponzi Scheme
Celebrity
The L.A.-based actor is accused of fabricating licensing deals with Netflix, HBO and other platforms to secure funding for his film distribution company, 1inMM Capital LLC. Apr 7, 2021
AceShowbiz -
Actor Zachary J. Horwitz, who is known professionally as
Zach Avery, has been arrested on charges of wire fraud. The Los Angeles-based actor was arrested by the FBI on Tuesday, April 6 for allegedly running a multi-million Ponzi scheme.
According to the FBI, Horwitz defrauded investors of $227 million by fabricating licensing deals with Netflix, HBO and other platforms in order to secure funding for his film distribution company, 1inMM Capital LLC. He allegedly sold people on his scheme by showing them fake licensing and distribution agreements, featuring forged signatures.
CinemaBlend
Streaming services are huge business and major media companies are putting a lot of effort, and a lot of money behind them. Being part of this big shift toward streaming is potentially quite lucrative, which is possibly why one actor and investor allegedly ran a ponzi scheme based around streaming companies like Netflix and HBO, that took more than $200 million from investors.
Zachary Horwitz, sometimes called Zach Avery, has been charged with wire fraud and could spend 20 years in prison for his alleged ponzi scheme. He was arrested by the FBI on Tuesday. Horwitz, through his company, 1inMM Capital LLC, allegedly solicited investors money for a plan that would purchase regional distribution rights, primarily in Latin America, for films that would then be licensed to platforms like Netflix and HBO. However, according to Variety, money brought in from later investors was reportedly used to pay back earlier investors, and also to buy himself a $6 million Southern Califor
Author of the article: WENN - World Entertainment News Network
Publishing date: Apr 07, 2021 • 7 hours ago • 1 minute read • In this file photo, the Hollywood sign is seen in the background of decoration lights at Hollywood/Highland shopping centre on March 1, 2014 in Hollywood, Calif. Photo by JOE KLAMAR /AFP via Getty Images
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Actor Zachary Horwitz has been arrested on charges of running a Ponzi scheme to swindle investors out of US$227 million.
The actor, who is also credited as Zach Avery, was taken into custody by FBI special agents on Tuesday, and appeared in United States District Court on a charge of wire fraud.