Zachary Horwitz, recognized in Hollywood as actor Zach Avery, has been arrested for allegedly working 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 U.S. Attorney’s Office for the Central District of California confirmed in a press release. He has been accused of searching for funding for his firm, 1inMM Capital LLC, underneath 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 help of a felony criticism.
Instead, Horwitz has allegedly defaulted on $227 million price of promissory notes transferred by personal funding companies to his 1inMM Capital since late 2018, in line with the press launch, citing the affidavit. He has additionally been accused of allegedly utilizing a few of the cash to buy his $6 million dwelling.