Hollywood actor Zach Avery who has acted in several movies has been arrested in connection to a Ponzi scheme worth more than $227 Million. According to a report by Los Angeles Times, the actor was arrested on Tuesday in Los Angeles. He was arrested by FBI agents for allegedly running a massive Hollywood Ponzi scheme that defrauded investors of hundreds of millions of dollars. The Zach Avery arrested news has sent shockwaves across the world. Here is a look at everything you need to know about the Zach Avery arrested news.
Zach Avery has been arrested for running a massive Hollywood Ponzi scheme that defrauded investors out of a whopping $227 million. He defrauded the investors by touting fictitious film licensing deals with HBO, Netflix and other major platforms. Zach Avery whose real name is Zachary J. Horwitz has appeared in several movies in minor roles. Zach Avery has been accused of fabricating emails from HBO and Netflix executives about non-existent film distribution agreements. FBI agent John Verrastro laid out the Ponzi scheme by Zach Avery to get investors to pour in huge amount in his distribution company, 1inMM Capital LLC.
According to John Verrastro, Zachary J. Horwitz AKA Zach Avery allegedly sent bottles of Johnny Walker Blue Label scotch to the investors along with the company’s 2015 annual report that highlighted as many as 52 films that his company was supposedly distributed in various countries like Africa, Australia, New Zealand and South America. Zach Avery's movies in this list included the 2012 horror movie The Lords of Salem and the action flick starring Jean-Claude Van Damme, Kickboxer. He falsely told the investors that he had strategic partnerships with platforms like HBO and Netflix to license foreign distribution rights.
He had also promised the investors returns of as high as 40% within a year. The FBI has mentioned that Zach Avery had no licensing deals and had diverted the majority of the money for his lavish lifestyle including a six-bedroom home in LA’s exotic Beverlywood neighbourhood for USD 6.5 million three years ago. According to FBI, he now owes around $227 million in principal alone to all the investors.
According to a report by biographydaily.com, Zach Avery's net worth is around $20 million USD. The American actor has been acting professionally for more than a decade now. He has featured in movies like Fury, Farming, The Laughing Man, Shifter, etc. He was last seen in the 2020 movie Last Moment of Clarity.
Get the latest entertainment news from India & around the world. Now follow your favourite television celebs and telly updates. Republic World is your one-stop destination for trending Bollywood news. Tune in today to stay updated with all the latest news and headlines from the world of entertainment.