According to reports, a little-known Los Angeles actor was arrested by the FBI on suspicion of committing a massive Ponzi scheme. Allegedly, the scam was that he lied about the success of his film distribution company and defrauded investors.
According to the “Los Angeles Times” quoting the federal government, Zachary Horwitz, 34, used to play a role in a small film under the name of Zach Avery and was accused of defrauding Investors 227 million US dollars, and used most of the funds.
According to reports, Horwitz falsely claimed that his company, 1inMM Capital LLC, had reached film license agreements with Netflix, HBO and other platforms, thereby enticing investors.
According to court records obtained from the document, he also told investors that his company had released 52 films in South America, Africa and Australia and presented his funder with a bottle of expensive Johnny Walker Blue Label Scotch whisky.
The newspaper quoted the FBI as saying that the actor owed investors about $227 million and had defaulted 1
He was charged with wire fraud. During the oath ceremony on Tuesday, Horvitz was released on bail of one million dollars.