Zachary Horwitz, recognized in Hollywood as an actor Zach Avery, has been arrested for allegedly operating a multi-million greenback Ponzi scheme disguised as an funding to amass licensing rights to movies for distribution overseas.
Horwitz, 34, was arrested by particular brokers with the FBI on Tuesday, April 6 and charged with wire fraud, the US Attorney’s Office for the Central District of California confirmed in a press release. He has been accused of in search of funding for his firm, 1inMM Capital LLC, beneath the guise of buying international regional distribution rights to movies, which he would subsequently license to platforms like Netflix and HBO, the press launch defined, citing an affidavit in assist of a legal grievance.
Instead, Horwitz has allegedly defaulted on $ 227 million price of promissory notes transferred by non-public funding corporations to his 1inMM Capital since late 2018, based on the press launch, citing the affidavit. He has additionally been accused of allegedly utilizing a few of the cash to buy his $ 6 million house.