Actor Arrested for Running Film Investment Ponzi Scheme
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Actor and movie investor Zachary Horwitz, who is sometimes credited as Zach Avery, was arrested Tuesday on charges that he ran a Ponzi scheme that swindled investors out of $227 million.
Horwitz, 34, was taken into custody by special agents with the FBI, the U.S. Attorney’s Office reported. Horwitz claimed investors’ money would be used for buying rights to films that HBO and Netflix had signed on to distribute internationally, particularly in Latin America.
Horwitz appeared Tuesday in United States District Court on a charge of wire fraud, which carries a statutory maximum penalty of 20 years in prison.
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Author of the article: WENN - World Entertainment News Network
Publishing date: Apr 07, 2021 • 7 hours ago • 1 minute read • In this file photo, the Hollywood sign is seen in the background of decoration lights at Hollywood/Highland shopping centre on March 1, 2014 in Hollywood, Calif. Photo by JOE KLAMAR /AFP via Getty Images
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Actor Zachary Horwitz has been arrested on charges of running a Ponzi scheme to swindle investors out of US$227 million.
The actor, who is also credited as Zach Avery, was taken into custody by FBI special agents on Tuesday, and appeared in United States District Court on a charge of wire fraud.
Horwitz has appeared in minor roles in movies such as Fury , Curvature , Farming and The White Crow .
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LOS ANGELES: Actor Zach Avery has been arrested in connection with a massive Hollywood Ponzi scheme.
According to Los Angeles Times, Avery, whose real name is Zachary J Horwitz, was taken into custody on Tuesday with the federal investigators alleging that he defrauded investors out of more than USD 227 million.
Horwitz has appeared in minor roles in movies such as Fury , Curvature , Farming and The White Crow .
He is accused of fabricating licensing deals with Netflix, HBO, as well as other platforms, in order to secure funding for his film distribution company, 1inMM Capital LLC, according to the Federal Bureau of Investigation (FBI).