Tuesday, October 26, 2021

Actor to blame for running Hollywood Ponzi scheme

LOS ANGELES—A Los Angeles-based actor who appeared in low-budget horror and science-fiction films is expected to plead guilty today to running a $650 million Ponzi scheme.

Zachary Joseph Horvitz, who used the name Zach Avery in the film credits, reportedly harassed investors who thought his money would finance distribution rights to movies that play on HBO and Netflix, according to the U.S. Attorney’s Office.

Horwitz, who lives in the Beverlywood area, has agreed to plead guilty to a federal count of securities fraud, which carries a sentence of up to 20 years behind bars, court papers show.

The U.S. Securities and Exchange Commission also sued Horwitz and his firm, 1inMM Capital LLC, in civil court over the alleged scam, which primarily involved the sale of film-licensing rights in Latin American markets.

Federal prosecutors allege that 34-year-old Horvitz operated 1inMM Capital as a Ponzi scheme, using victims’ money to repay earlier investors and fund a “lavish” lifestyle, including the purchase of a $6 million Beverlywood home did.

The scheme reportedly began in October 2014, when investment firms began entering into a series of promissory notes of six or 12 months with 1inMM Capital based on Horwitz’s statements.

Read Also:  Rahul Gandhi targets PM Modi, lack of vaccine is a serious issue, no celebration

According to papers filed in Los Angeles federal court, the funds supplied under each note were supposed to provide funding for 1inMM Capital to acquire the rights to a specific film.

Prosecutors allege that in order to persuade investors that he was legitimate, Horwitz provided fake license agreements, as well as fake distribution agreements with Netflix and HBO, all of which allegedly contained forged or fictitious signatures.

Prosecutors said that despite Horwitz’s claim of a “solid relationship” with the online platform, representatives for Netflix and HBO denied their companies engaged in any business with Horwitz or 1inMM Capital.

Using his Zach Avery screen name, Horwitz played a bit part in “The White Crow”, a 2018 biographical drama written by David Hare and directed by Ralph Fiennes, which chronicles the life and career of ballet star Rudolf Nureyev. Increases. Avery also appeared in the little-known films “Last Moment Of”.
clarity” and “cultivation,” according to IMDB.com.



This News Originally From – The Epoch Times

Nation World News Deskhttps://nationworldnews.com
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
Latest news
Related news
- Advertisement -