American actor Zach Avery is accused of having worked out a fraudulent financial package of $ 690 million.
AHollywood actor accused of devising a fraudulent financial package of $ 690 million has been arrested in Los Angeles and his assets seized , a California prosecutor and US financial policeman, the SEC, said. This is Zachary Horwitz, 34, known by the stage name Zach Avery .
The actor is suspected of having for five years solicited investments in his fraudulent company . It claimed to buy regional film distribution rights and then license them to major broadcasters like Netflix or HBO for distribution in Latin America, the California prosecutor’s office said in a statement.
But instead, he had organized his company, dubbed 1inMM Capital, into a Ponzi scheme , a fraudulent scheme where he used the money of some to pay others and finance his glitzy lifestyle, ” including the purchase of a residence in Beverlywood for 6 million dollars , underlined the office of the prosecutor.
A $ 690 million scam
According to the SEC, this Ponzi scheme has raised up to $ 690 million from victims to whom Zachary Horwitz promised a return on investment of 35%. California justice says the scam involves $ 227 million in principal, which has not yet been reimbursed. The actor, who recently appeared in thrillers and horror films like Beyond Appearances , is charged with fraud and faces 20 years in prison