A Los Angeles actor reportedly escaped with a $ 227 million ponzi scheme, fooling investors by telling them about his successful film distribution company.
The FBI pursued Zachary Horwitz, 34, an actor with several roles under the name Zach Avery, for cheating investors hundreds of millions of dollars and using most of the money for himself.
Horwitz allegedly told investors that his company, 1inMM Capital LLC, had licensing agreements with Netflix, HBO and other companies.
In addition to those claims, he told them that his company has distributed 52 films in South Africa, South America and Australia.
FBI agent John Verrastro was sworn in before a Los Angeles federal court on Tuesday describing Horwitz’s shameless conduct, reports period LA.
He will give his banker expensive bottles of Johnny Walker Blue Label along with his company’s 2015 annual report highlighting the films his company distributes.
Among those films include The Lords of Salem in 2012 and the Kickboxer in 1989, starring Jean-Claude Van Damme.
The investors have been promised returns as high as 40% a year.
Instead, he uses their money for personal purposes, spending some of the money in 2018 on a $ 6.5 million six-bedroom Beverlywood mansion with swimming pool, cellar and room. do exercise.
However, Horwitz’s luck ran out as he started failing to pay them 160 payments since 2019, ultimately owing them nearly $ 230 million.
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During Tuesday’s investigation, Judge Jean P. Rosenbluth expressed concern that he was a target of the flight.
“There’s a lot of money, quoted, missing here,” Rosenbluth said, before agreeing to put his bonds to issue.
The actor was charged with money transfer fraud and was issued on $ 1 million worth of bonds.