On Tuesday, actress Zachary Horwitz (professionally known as Zach Avery) was arrested on charges of wire fraud, as reported by the Los Angeles Times.
The FBI and SEC claim that Horwitz ran a Ponzi scheme through his firm, 1inMM, which defrauded investors of $ 227 million.
Reportedly, Horwitz told investors that his company invested in movie rights and then resold those rights to distributors like Netflix and HBO. He is said to have sold people on his scheme by showing them fake license and distribution agreements with fake signatures. In the end, however, both of the above companies confirmed to the FBI that they had never done business with 1nMM.
It is believed that Horwitz began receiving funds as part of the Ponzi scheme in 201
Horwitz’s credits as an actor include low-budget features such as Violators and The devil below. His assets are currently frozen, with charges against him leading to a maximum sentence of 20 years in prison.
According to the Times, Horwitz was released earlier today on a $ 1 million secured bond – but his placement is scheduled for May 13.
