WASHINGTON – A Los Angeles actor was the mastermind of a $ 690 million Ponzi scheme that trapped investors who believed their money would fund distribution rights to movies running on HBO and Netflix, authorities said.
Zachary Joseph Horwitz, who went by Zach Avery as an actor, was arrested Monday and charged with wire fraud, according to the US attorney’s office in Los Angeles. The Securities and Exchange Commission also sued Mr. Horwitz and his firm, 1inMM Capital LLC, in civil court for the alleged scam, which it said involved a comprehensive plan to eliminate attempts to sell movie license rights, primarily in Latin American markets. to images.
According to Mr. Horwitz’s LinkedIn profile, he is a managing partner of 1inMM. He did not respond to a request for comment sent via LinkedIn. Wednesday’s court records do not include a lawyer for him.
The 34-year-old actor has a profile on IMDb, the online movie database, where he is credited with roles in a handful of low-budget films. His most recent credits include an unreleased, high-profile movie called “Gateway,” starring Olivia Munn and Frank Grillo. The specialty label Grindstone Entertainment from Hollywood studio Lions Gate Entertainment Corp. acts as a distributor.
Netflix declined to comment. HBO and Lions Gate did not immediately respond to requests for comment.