Actor Zach Avery is arrested in connection with a $ 227 million Ponzi scheme in Hollywood
- The 34-year-old actor has been accused of promoting fake licensing deals with investors
- He ran a distribution company called 1inMM Capital LLC that raised the money from investors in the alleged box office bunko, the FBI said.
- He was arrested on Tuesday at his luxurious Los Angeles home
- He has been seen in such films as The Devil Below, You’re Not Alone and Last Moment of Clarity
Actor Zach Avery was arrested in Los Angeles on Tuesday in connection with a $ 227 million Hollywood Ponzi scheme that federal investigators said had the brain.
The 34-year-old actor, whose real name Zachary J. according to the Los Angeles Times
Federal investigators said that Avery, who has appeared in such films as The Devil Below, You’re Not Alone and Last Moment of Clarity, has sent fake emails from the aforementioned studios, regarding false distribution deals, in an attempt to investors demand money remotely.
The latest: Actor Zach Avery, 34, was arrested in Los Angeles on Tuesday in connection with a $ 227 million Hollywood Ponzi scheme that federal investigators said had the brain. He appeared in the 2020 film Last Moment of Clarity
Verrastro told the court that Horwitz ran a distribution company called 1inMM Capital LLC that raised the money from investors in the alleged bunko.
Horwitz lied to his investors in a 2015 report – shipped with a bottle of Johnny Walker Blue Label scotch – in which he claimed his 1inMM Capital LLC owned distribution rights to 52 films in Africa, Australia, New Zealand and South America – told Verrastro the court.
Among the films Horwitz lied about owning the rights include Jean-Claude Van Damme’s 1989 action movie Kickboxer and The Lords of Salem, a 2012 horror film.
Horwitz promised investors a whopping 40 percent annual return on their investments by claiming he was working on “ strategic partnerships ” with the likes of HBO and Netflix for distribution purposes.
In front of the camera: Horwitz was featured in the 2014 movie Shifter
The actor has appeared in such films as The Devil Below, You’re Not Alone and Last Moment of Clarity
The FBI said Horwitz had none of the cinematic assets he claimed, and that he used the money his investors gave him to buy, in part, a six-bedroom house in the upscale Beverlywood neighborhood of Los Angeles three years ago for $ 6.5 million.
The FBI said Horwitz’s company has made no more than 160 payments it has charted to investors, with Chicago firm JJMT Capital, LLC owing $ 160 million in capital loan and an additional $ 59 million in promised profit.
Horwitz was taken into custody at his home on Tuesday, where FBI agents went through the property looking for evidence of crimes such as securities and postal fraud and money laundering.
At a hearing Tuesday in downtown Los Angeles, Horwitz told the president he understood the charges against him. The judge agreed on a $ 1 million secured bond for Horwitz’s release until future legal proceedings.