Hollywood Actor Arrested For Alleged Multi-million-dollar Ponzi Scheme
Chand Sahkeel 10 days ago Wed 07th April 2021 | 12:59 PM
American actor Zach Avery was arrested by FBI agents in Los Angeles on Tuesday for allegedly masterminding a Ponzi scheme that defrauded investors of hundreds of millions of dollars, US authorities said
Los Angeles (UrduPoint / Pakistan Point News - 7th Apr, 2021 ) :American actor Zach Avery was arrested by FBI agents in Los Angeles on Tuesday for allegedly masterminding a Ponzi scheme that defrauded investors of hundreds of millions of Dollars, US authorities said.
Avery, whose real name is Zachary Horwitz, told investors his company 1inMM Capital would buy film distribution rights and license them to Netflix and HBO but in fact had "no business relationship with either company", according to the Securities and Exchange Commission.
Authorities said the scheme had started in 2015, and that Horwitz and 1inMM promised victims returns of more than 35 percent.
To establish his legitimacy, "Horwitz provided investors with fake license agreements, as well as fake distribution agreements with Netflix and HBO, all of which contained forged or fictional signatures," the US Attorney's Office said.
Horwitz has been charged with wire fraud, and could face up to 20 years in prison if convicted.