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Actor indicted for Ponzi scheme that involved fake HBO and Netflix deals

Added 05-05-21 11:13:02am EST - “A small-time actor who allegedly bilked investors out of $690 million was indicted Tuesday for an elaborate Ponzi scheme.” - Nydailynews.com

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Posted By TheNewsCommenter: From Nydailynews.com: “Actor indicted for Ponzi scheme that involved fake HBO and Netflix deals”. Below is an excerpt from the article.

A small-time actor who allegedly bilked investors out of $690 million was indicted Tuesday for an elaborate Ponzi scheme.

Zachary Horwitz, 34, has been charged by a federal grand jury with five counts of securities fraud, six counts of wire fraud and two counts of aggravated identity theft, according to the Los Angeles Times.

Horwitz, who used the stage name Zach Avery for roles in movies including “Last Moment of Clarity” and “You’re Not Alone,” told investors that he would use their money to buy distribution rights to movies and then license them to Netflix and HBO, according to the Department of Justice.

Instead, Horwitz allegedly took the money invested into his company, 1inMM Capital LLC, to repay earlier investors.

The U.S. Securities and Exchange Commission also accused Horwitz of skimming off the top of the investments for personal use, including the purchase of his $6 million Beverlywood home, trips to Las Vegas and to pay a celebrity interior designer.

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