LA actor accused of running $227 million Ponzi scheme

LA actor accused of running $227 million Ponzi scheme

A little-known Los Angeles-based actor was reportedly arrested by the FBI on Tuesday for allegedly running an enormous Ponzi scheme where he duped investors by lying about the success of his film distribution company.

Zachary Horwitz, 34, who has had roles in small films under the name Zach Avery, is accused of cheating investors out of $227 million and using most of the funds for himself, The Los Angeles Times reported, citing federal authorities.

Horwitz allegedly enticed the investors by falsely claiming his company, 1inMM Capital LLC, had film licensing deals with Netflix, HBO and other platforms, the newspaper reported.

Trending: Terrifying video shows child being dragged under Peloton treadmill

He also told investors his company distributed 52 films in South America, Africa and Australia, according to court records obtained by the paper, and gifted his funders bottles of pricey Johnny Walker Blue Label scotch.

The actor owes investors roughly $227 million — defaulting on 160 payments to them since 2019, the report said, citing the FBI.

Zachary Horwitz

Continue reading

You Might Like

Do NOT follow this link or you will be banned from the site!
Thanks for sharing!
Send this to a friend