According to the Los Angeles Times, on Tuesday, actor Zachary Horwitz (professionally known as Zach Avery) was arrested for wire fraud.
The FBI and SEC accused Horwitz of conducting a Ponzi scheme through his company 1inMM, defrauding investors of US$227 million.
Allegedly, Horvitz told investors that his company invested in film rights and subsequently resold these rights to distributors such as Netflix and HBO. It is said that he sold his plan by showing others a forged license and distribution agreement (with a forged signature). In the end, the two companies mentioned above finally confirmed to the FBI that they never did business with 1nMM.
It is believed that Horvitz started in 201
Horwitz’s credit as an actor includes low-budget features such as Intruder with Under the devil. His property is currently frozen and the charges against him carry a maximum sentence of 20 years in prison.
According to The Times, Horvitz was released earlier today with a secured bond of US$1 million, but his arraignment is scheduled to be held on May 13.