Actor and film investor Zachary Horwitz (Zachary Horwitz), sometimes called Zach Avery, was arrested on Tuesday for committing a Ponzi scheme that cost investors 2.27 One hundred million U.S. dollars.
According to the U.S. Attorney’s Office, Horwitz, 34, was detained by agents of the Federal Bureau of Investigation (FBI). Horwitz claimed that the investor’s money would be used to buy the rights to films signed by HBO and Netflix and distributed internationally, especially in Latin America.
Horwitz appeared in the U.S. District Court on Tuesday on charges of wire fraud, which was sentenced to a maximum sentence of 20 years in prison.
The indictment alleges that Horvitz has solicited investors for his company, 1
But the prosecutor said, instead, he used the victim’s funds to repay early investors and bought a $6 million home in Beverlywood.
Prosecutors stated that Horvitz provided investors with false license and distribution agreements with Netflix and HBO, which contained forged and fictitious signatures. The affidavit stated that representatives of Netflix and HBO denied that they had ever engaged in any business with Horwitz or its company.
Allegedly, film distribution documents such as “Bitter Harvest”, “Effective Measures” and “Divide and Conquer” were signed by companies such as Sierra/Affinity. Sierra/Affinity also stated in the affidavit that it has no business relationship with Horwitz.
The company’s annual report also shot dozens of films in its “library”, such as Jean-Claude Van Damme’s “Kickboxer” and James Ponsode’s ” The Spectacular Now”.
Horwitz has starred in several low-budget movies, such as the horror movie “The Devil Under”.
A U.S. District Court judge set Horwitz’s security deposit at $1 million, and the trial is scheduled for May 13.