WASHINGTON – A Los Angeles actor was the brainchild of a $ 690 million Ponzi scheme that shot investors who thought their money would fund distribution rights to movies running on HBO and Netflix, according to authorities.
Zachary Joseph Horwitz, who walked off of Zach Avery as an actor, was arrested Monday and charged with wire fraud, according to the Los Angeles U.S. Attorney’s Office. The Securities and Exchange Commission also sued Mr Horwitz and his firm, 1inMM Capital LLC, in civil court for the alleged scam, which it says involved a detailed plan to portray efforts to sell film license rights, primarily in Latin American markets.
Sir. Horwitz’s LinkedIn profile says he is the managing partner of 1inMM. He did not respond to a request for comment sent via LinkedIn. Court records Wednesday did not list a lawyer for him.
The 34-year-old actor has a profile on IMDb, the online film database, where he is credited for roles in a handful of low-budget films. His latest credits include a still unreleased, higher profile film called “Gateway”
Netflix declined to comment. HBO and Lions Gate did not immediately respond to requests for comment.