LOS ANGELES (CBSLA) – A 34-year-old Los Angeles actor was arrested for $ 227 million for an elaborate Ponzi-related program

Zachary Joseph Horwitz of Beverlywood – who came to be known as Zach Avery – was arrested Monday by the FBI for convincing several investment firms to give him nearly a quarter billion dollars over five years, of which he was falsely claiming it was being used to acquire global licensing rights for the distribution of films to streaming services such as Netflix and HBO

According to the US. As of 2015, the Horwitz law firm used fake promotional materials about his company 1inMM Capital LLC to trick investors into giving him money that he said was intended to be used to purchase film distribution licenses

He provided investors with fake licensing agreements and fake distribution agreements with Netflix and HBO.Both companies have stated they have not done such deals with Horwitz, the U.S Law firm said

The investors gave him six-month and one-year promissory notes, each intended to be used to purchase the rights to a particular film

Instead, the money went into his exorbitant lifestyle, including buying a $ 6 million Beverlywood home, prosecutors said it also went to repay previous investors

When he started defaulting on the Notes in 2019, he was forwarding completely fake correspondence to investors allegedly from executives at HBO and Netflix

Horwitz first appeared in federal court in downtown L.A Tuesday, where his bail was set at $ 1 million May planned

Zachary Horwitz

World news – US – LA Actor Zachary Horwitz in Ponzi program worth 227 million USD arrested

Source: https://losangeles.cbslocal.com/2021/04/07/la-actor-zachary-horwitz-arrested-in-227m-ponzi-scheme/