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Hollywood actor arrested for $227 million Ponzi scheme



The young actor Zachary J. Horwitz was arrested on a federal charge in Los Angeles on Tuesday. He ran a Ponzi scheme, defrauding fictitious film license deals with platforms such as HBO and Netflix. Investors are 227 million U.S. dollars.

Horwitz, 34, who appeared in a small movie under the stage name Zach Avery, was accused of fabricating an email from HBO and Netflix executives about a non-existent film distribution agreement in order to avoid investors’ payment requirements.

In a statement sworn to the Los Angeles Federal Court, the FBI agent John Verrastro (John Verrastro) proposed Horvitz̵

7;s shameless plan to persuade investors to invest a huge amount of money in his film distribution company 1inMM Capital LLC funds.

According to Verrastro, Horvitz sent Johnny Walker Blue Label Scotch Whiskey in his 2015 Annual Investor Report and highlighted his company’s alleged presence in Africa, Australia, New Zealand and A “library” of 52 films released in South America. These include the 2012 horror film “Salem House of Lords” and the 1989 action film “Taekwondo”, which included martial arts action star Jean Claude Van Damme.

The FBI said that in fact, Horvitz did not have any license agreement, but embezzled a lot of money for personal gain.

Horwitz also falsely told investors that he had established “strategic partnerships” with HBO, Netflix and other platforms to license foreign distribution rights. Commit to provide investors with a return of up to 40% within one year.

But according to the FBI, Horwitz’s company has defaulted on more than 160 payments to his investors since December 2019. Verrastro said that its largest investor, JJMT Capital, LLC of Chicago, was owed more than US$160 million in principal and an investment profit of approximately US$59 million.

According to FBI data, only Horwitz owes investors about $227 million in principal.

FBI agents arrested Horvitz on charges of wire fraud at his Beverly Wood home on Tuesday morning. According to the FBI’s testimony, they also searched the house for evidence of securities and mail fraud, money laundering and other crimes. The house was sold on Zillow for $6.5 million.

Horwitz’s lawyer Anthony Pacheco did not immediately respond to a request for comment.

Holwitz has been engaged in professional acting for more than ten years, but none of his films are well known. As Zach Avery, he appeared in the 2018 sci-fi thriller “Twists and Turns.” The title of the Times comment was: “The fashionable science fiction thriller “Curvature” is trapped in a one-dimensional space.” A variety show critic said that the film “wants to make the heart and the heart bend at the same time, but the two departments tend to bend. gentle.”

Horwitz appeared in videotaped courtroom from a federal prison in downtown Los Angeles on Tuesday afternoon.

“Do you understand what the government has accused you of doing wrong?” the US District Judge Jean P. Rosenbluth asked him.

“Yes,” he replied.

Assistant U.S. Attorney Alexander Schwab urged Rosenbluth to detain Horwitz until trial and said he might flee if released.

He said: “There is a high chance that the defendant will be partly taken away by money,” he said.

Rosenbluth expressed concern about this. He said: “There is a lot of money here. It is enclosed in quotation marks. It is missing.”

But she agreed to release Horvitz with a secured bond of $1 million.

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