LA actor pleads guilty to running a $650 million Ponzi scheme [View all]
A Los Angeles actor who appeared in low-budget horror and science-fiction movies pleaded guilty Monday to running a $650 million Ponzi scheme.
Zachary Joseph Horwitz, who used the name Zach Avery in film credits, formally entered his plea to one federal count of securities fraud, which carries a sentence of up to 20 years behind bars, according to the U.S. Attorney’s Office.
Sentencing was set for Jan. 3.
Horwitz, who lives in the Beverlywood area, bilked investors who thought their money would finance distribution rights for movies that would run on HBO and Netflix.
The U.S. Securities and Exchange Commission also sued Horwitz and his firm, 1inMM Capital LLC, in civil court over the scam, which involved the sales of film-licensing rights, primarily in Latin American markets.
Read more: https://www.dailynews.com/2021/10/04/l-a-actor-pleads-guilty-to-running-a-650-million-ponzi-scheme/
(Los Angeles Daily News)
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