Home / Business / Actor Zachary Horwitz was sued over the Hollywood Ponzi scheme.

Actor Zachary Horwitz was sued over the Hollywood Ponzi scheme.

Demanding film actor Zachary Horwitz was indicted on Tuesday for action, described by federal researchers as one of the most daring Ponzi schemes in Hollywood history.

Horwitz, who appeared in horror and science fiction films under the screen name Zach Avery, was charged by a federal grand jury on five counts of securities fraud, six power cord fraud and two double identity theft. Times from 2014 to 2019, prosecutors said he lied to investors to lend $ 690 million to his film company, 1inMM Capital.

Horwitz was arrested on April 6 on his first fraud charges and spent more than two weeks in prison before he was released on a $ 1

million bond.

Horwitz told investors he used the money to buy the rights of hundreds of movies and resell them to Netflix, HBO and other platforms to distribute overseas, mostly in Latin America, according to the government. Netflix where he showed investors were fake, prosecutors said.

Horwitz actually used a group of investors to repay what he borrowed from another and spent millions of dollars to fund. His “wealthy way of life”, according to the indictment charged.

The government said more than 200 investors, including Horwitz’s three closest college friends and their family members, lost about $ 230 million, the government said.

The Securities and Exchange Commission, which has freezed Horwitz’s assets, has tried to keep track of what happened with all the money.

Initial accounts indicated Horwitz spent less than $ 9 million, including $ 5.7 million for a Beverlywood house with a swimming pool, gym, cinema room and wine cellar, $ 165,000 for “high-end cars” and $ 137,000. For charter jet flights

Horwitz has also spent at least several million dollars to fund his appearances, including “The White Crow,” “Last Moment of Clarity,” “Farming” and “Gateway,” according to a person at Work with him The source of the money is unclear.

Zachary Horwitz's former home in Beverlywood.

Federal researchers say actor Zachary Horwitz spent the $ 5.7 million he earned on a daring Ponzi scheme in a Beverlywood house with a swimming pool, gym, screening room and 1,000-bottle wine cellar.

(Jason Armond / Los Angeles Times)

After five years of continuous investor loan repayments with interest and on time, Horwitz immediately started default at the end of 2019 as payment demands and legal threats arose. Lend that he is working with HBO and Netflix to collect the money they owe him.

Prosecutors said he created emails from HBO and Netflix executives to frustrate investors with new identity theft charges.

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