Hollywood actor charged with $ 690 million scam

Hollywood actor charged with crafting $ 690 million fraudulent financial package he was arrested in Los Angeles and his property seizedsaid a California prosecutor and the United States financial police, the SEC. I’m Zachary Horwitz, 34, known by the stage name of Zach Avery.

The actor is believed to have been for five years. applied for investments in your fraudulent company. It claimed to buy regional movie 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 organized his company, called 1inMM Capital, Ponzi scheme, a fraudulent arrangement in which he used some people’s money to pay others and finance his prosperous lifestyle. “including the purchase of a residence in Beverlywood for $ 6 million“, stressed the Prosecutor’s Office.

A $ 690 million scam

According to the SEC, this Ponzi scheme raised up to $ 690 million among victims Zachary Horwitz promised a 35% return on investment. The California court says the scam involves $ 227 million in capital, which has yet to be repaid. The actor, who has recently appeared in thrillers or horror films such as Beyond appearances, is accused of fraud and he runs the risk of 20 years in prison.

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