October 15, 2021

The Queens County Citizen

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Hollywood actor 90 690 million accused of Ponzi scheme

Hollywood actor 90 690 million accused of Ponzi scheme

The Hollywood actor accused of creating a fraudulent financial package of $ 690 million has been arrested in Los Angeles and his assets have been seized, the California Prosecutor and U.S. Financial Police SEC said.

Zachary Horwitz, 34, in Zach Avery’s stage name, is suspected of investing in his fraudulent company for five years.

It will buy regional film distribution rights and license major broadcasters such as Netflix or HBO for distribution in Latin America, the California Prosecutor’s Office said in a statement.

Instead, he called his firm 1inMM Capital, a fraudulent scheme that used some money to pay others and finance his attractive lifestyle, “underlining the prosecutor’s office, including the purchase of a residence in Beaverwood for $ 6 million.

According to the SEC, the Ponzi scheme has raised up to $ 90,690 million from victims, with Horwitz promising 35% return on investment.

The California Justice said there was a $ 227 million principal in the scandal, which has yet to be repaid.

The actor, who recently starred in thrillers and horror films like “Beyond Appearance”, is facing fraud charges and up to 20 years in prison.

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