Actor Charged In $690M Netflix, HBO-Based Ponzi Scheme
Law360 (April 7, 2021, 8:34 PM EDT) -- The U.S. Securities and Exchange Commission sued a small-time actor Tuesday for allegedly running a big-time Ponzi scheme, accusing the Los Angeles man of defrauding investors out of millions by falsely claiming their investments would purchase rights to films that HBO and Netflix had agreed to distribute abroad.
Thirty-four-year-old Zachary Joseph Horwitz, who has appeared in a few minor films under the stage name Zach Avery, and his company 1inMM Capital LLC, raised more than $690 million from investors via promissory notes and then used the funds to pay back earlier investors and maintain his lavish lifestyle, according to the SEC and the...
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