On Tuesday, Zachary Horwitz, a small-time actor, was arrested in Los Angeles for his alleged involvement in a massive Ponzi scheme, according to The LA Times. Authorities say that the 34-year-old Horwitz defrauded investors out of $227 million by peddling fake licensing deals with HBO, Netflix, and others.
via: New York Post
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.
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.
On Tuesday morning he was arrested at his home on a charge of wire fraud. The home was also scoured for evidence of potential crimes that include securities and mail fraud, and money laundering.
In a Tuesday court appearance he told a judge that he understands the government’s allegations against him.
The judge agreed to release Horwitz on a secured bond of $1 million.
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