Photo by Mark Wilson/Getty Images
Aspiring actor Zachary Horwitz was indicted Tuesday for allegedly masterminding a $690 million Hollywood Ponzi scheme, the
Los Angeles Times reports.
Horwitz, 34, who went by the name Zach Avery in such films as 2021’s
The Devil Below and 2017’s
Curvature, was charged by a federal grand jury with multiple counts, including securities fraud, wire fraud, and identity theft.
From 2014 to 2019, Horwitz secured $690 million in loans to his film company, 1inMM Capital, by showing investors numerous fictitious documents to substantiate his claimed deals with HBO and Netflix, including numerous fake movie distribution agreements, prosecutors said.
More than 200 investors, including three of Horwitz’s closest college friends and their family members, lost roughly $230 million, the
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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.
Who Is Zach Avery? Meet The Actor Arrested In Multi-Million Dollar Ponzi Scheme By Danielle Taylor
04/07/21 AT 10:47 AM
Actor Zachary J. Horwitz, better known as Zach Avery, has been arrested for allegedly embezzling money for personal benefit as part of a multi-million dollar Ponzi scheme.
Horwitz was arrested Tuesday in Los Angeles in connection to a hefty Hollywood Ponzi scheme, in which national authorities claim that he swindled investors out of more than $227 million, People reports.
The 34-year-old actor, whose credits include roles in “The White Crow, “Last Moment of Clarity,” and as an extra in Brad Pitt s 2014 war movie “Fury, has been accused of contriving licensing deals with HBO and Netflix to obtain money for his own film distribution company, 1inMM Capital LLC.