On Tuesday, actor Zachary Horwitz (known as Zach Avery) was arrested for wire fraud, according to the Los Angeles Times.
The FBI and SEC accused Horwitz of operating a Ponzi scheme through his firm, 1inMM, defrauding a $ 227 million investor.
Horwitz told investors that his company invested in film rights, later selling these rights to distributors such as Netflix and HBO. Distributed counterfeit with counterfeit signatures Eventually, however, the two companies above confirmed to the FBI that they had never done business with 1nMM.
Horwitz is believed to have begun receiving money as part of a Ponzi scheme in 2015, using it to buy a $ 6 million home in Los Angeles’s Beverlywood neighborhood while repaying previous investors.
Horwitz̵7;s credit as an actor includes low-budget properties such as Intruder and Devil bottomHis assets are now held on charges of up to 20 years in prison.
According to the Times, Horwitz was released earlier today in $ 1 million in secured bonds, but his lawsuit is due May 13.