A little-known Los Angeles actor was reportedly arrested by the FBI on Tuesday for allegedly executing a massive Ponzi scheme where he fooled investors by lying about the success of his movie distribution company.
Zachary Horwitz, 34, who has had roles in small films under the name Zach Avery, has been accused of defrauding investors of $ 227 million and using most of the money for herself, The Los Angeles Times reported, citing to the federal authorities.
Horwitz allegedly enticed investors by falsely claiming that his company, 1inMM Capital LLC, had movie licensing deals with Netflix, HBO and other platforms, the paper reported.
He also told investors that his company had distributed 52 films in South America, Africa and Australia, according to court records obtained by the newspaper, and donated bottles of expensive Johnny Walker Blue Label scotch to his financiers.
The actor owes investors about $ 227 million – because he has defaulted on 160 payments to them since 2019, the report said, citing the FBI.
He is charged with wire fraud. At his arraignment on Tuesday, Horwitz was released with a $ 1 million bond.