Actor indicted in $227M Ponzi scheme involving film rights
LOS ANGELES (AP) — An aspiring actor was indicted Tuesday in Los Angeles on suspicion of running a massive Ponzi scheme that solicited hundreds of millions of dollars from investors for phony Hollywood film licensing deals, federal prosecutors said.
Zachary Joseph Horwitz, who has appeared in low-budget movies under the screen name Zach Avery, was charged by a federal grand jury with multiple counts, including securities fraud, wire fraud and identity theft, the Los Angeles Times reported.
It wasn’t immediately known if Horwitz has an attorney.
From 2014 to 2019, Avery allegedly he lied to investors to secure $690 million in loans to his film company, 1inMM Capital, prosecutors said.
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