US actor in low-budget films accused of running $690m Ponzi scheme
Last modified on Wed 7 Apr 2021 11.03 EDT On the surface Zachary Horwitz, 34, appeared to be the stereotypical wannabe actor, attempting to build his career in Hollywood by taking a series of low-impact roles. But while playing small parts in predominantly low-budget films, Horwitz was also running a $690m Ponzi scheme, according to the Securities and Exchange Commission (SEC), using the ill-gotten money to buy a $5.7m Los Angeles mansion and fund a lavish lifestyle. Horwitz, who acted under the name Zach Avery, promised financial backers 35% returns on their investments by claiming his distr...