Wednesday , August 4 2021

Actor Zachary Horwitz arrested for Ponzi Rights Film scheme – Deadline

On Tuesday, actor Zachary Horwitz (professionally known as Zach Avery) was arrested on charges of cable fraud, the Los Angeles Times reported.

The FBI and SEC allege that Horwitz ran a Ponzi scheme through his company, 1inMM, which defrauded investors worth $ 227 million.

Allegedly, Horwitz told investors that his company invested in movie rights, and later resold those rights to distributors like Netflix and HBO. He is said to have sold people in his plan by showing them fake license and distribution agreements, with forged signatures. Ultimately, however, the previous two companies confirmed to the FBI that they had never done business with 1nMM.

Horwitz is believed to have started receiving funds as part of the Ponzi scheme in 2015, using them to buy a $ 6 million home in the Los Angeles neighborhood of Los Angeles while paying previous investors.

Horwitz’s credits as an actor include low-budget features, such as Trespassers i The devil below. Currently, his property is frozen and the charges against him carry a maximum sentence of 20 years in prison.

According to the Times, Horwitz was released earlier today on $ 1 million bail, but his lawsuit is scheduled for May 13.

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