Home Business Aspiring Actor Indicted in Investment Scam – NBC Los Angeles

Aspiring Actor Indicted in Investment Scam – NBC Los Angeles

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An aspiring actor was indicted Tuesday in Los Angeles on suspicion of running a massive Ponzi scheme that solicited hundreds of millions of dollars from investors for phony Hollywood film licensing deals, federal prosecutors said.

Zachary Joseph Horwitz, who has appeared in low-budget movies under the screen name Zach Avery, was charged by a federal grand jury with multiple counts, including securities fraud, wire fraud and identity theft, the Los Angeles Times reported.

It wasn’t immediately known if Horwitz has an attorney.

From 2014 to 2019, Avery allegedly he lied to investors to secure $690 million in loans to his film company, 1inMM Capital, prosecutors said.

More than 200 investors, including three of Horwitz’s closest college friends and their family members, lost about $230 million, the Times reported.

Prosecutors said Horwitz told investors that their money would be used to purchase film distribution rights that…

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