US actor in low-budget films accused of running $690m Ponzi scheme

[muriel_volestrangler]

On the surface Zachary Horwitz, 34, appeared to be the stereotypical wannabe actor, attempting to build his career in Hollywood by taking a series of low-impact roles.

But while playing small parts in predominantly low-budget films, Horwitz was also running a $690m Ponzi scheme, according to the Securities and Exchange Commission (SEC), using the ill-gotten money to buy a $5.7m Los Angeles mansion and fund a lavish lifestyle.

Horwitz, who acted under the name Zach Avery, promised financial backers 35% returns on their investments by claiming his distribution company, 1inMM Capital, had licensing agreements with Netflix and HBO, the SEC said.

But those relationships never existed, and investors were instead bilked out of $227m in the last three years alone, according to the FBI.

https://www.theguardian.com/us-news/2021/apr/07/zachary-horwitz-actor-ponzi-scheme-film-rights

I cannot understand why people with that kind of money can get so completely fooled. Still, props to The Guardian reviewer:

Brothers Colin and James Krisel and/or actor Zach Avery must be either very well financed or ridiculously persuasive because they’ve managed to pull together a supporting cast and budget for this debut thriller that far exceeds what the script seems to warrant.

https://www.theguardian.com/film/2021/mar/02/last-moment-of-clarity-review-neo-noir-brian-cox-udo-kier

[Blue Owl]

1. If t***p were still in office, that guy would get a medal of freedom

[malaise]

2. I thought this was about Trump

seriously

[Demovictory9]

3. after watching the show "American Greed" I realized that the title worked both ways

both predator and victim were greedy. Intelligent, educated well off people go for the "35% returns" proven by typed up bits of paper stating these returns.

[Demovictory9]

4. the other big ponzi story that broke recently. San diego woman, restaurant owner lived lavishly

on other people's money.

https://www.nbcsandiego.com/news/local/mastermind-behind-400m-ponzi-scheme-gina-champion-cain-sentenced-to-15-years-in-prison/2564680/