On February 14, 2022, Zach Avery alias Zachary Horwitz was sentenced to 20 years in jail for his role in a $1 million Ponzi fraud committed by his company 1inMM Capital. According to the Central District of California of the United States Department of Justice, Avery duped investors of $650 million by saying the funds would be used to license films for Netflix and HBO’s foreign releases.
Zach Avery utilized the money to support his luxurious lifestyle despite the fact that the claims were false. The most recent court documents indicate that U.S. District Judge Mark C. Scarsi also ordered the actor to pay $230 million in restitution.
Every detail you must know about Zach Avery
Zachary Horwitz, sometimes known in the film as Zach Avery, is an American actor. The date of his birth is December 5, 1986, in Berkeley, California. At age 10, his parents divorced, and he finally moved to Indiana to live with his mother and stepfather.
After earning a bachelor’s degree in psychology from Indiana University, the 35-year-old began pursuing a career in Hollywood. Avery made his film debut with a role in G.E.D. in 2009.
Zach Avery starred in Game Time (2011) before co-founding 1inMM Productions (2013). Avery started up Key Entertainment. The actor appeared in the films Feign, Nameless, and Shifter, as well as the 2014 war film Fury.
He portrayed the protagonist in the 2016 short film The Laughing Man and the 2017 feature picture Curvature. Avery performed in films such as Trespassers, The White Crow, Farming, Last Moment of Clarity, You’re Not Alone, The Devil Below, and The Gateway between 2018 and 2021. The native of California is wed to Mallory Hagedorn, with whom he has a son.
What did Zach Avery do specifically?
In 2021, the U.S. Securities and Exchange Commission filed a lawsuit against the actor for violating federal securities laws.
On April 5, 2021, he was arrested on charges of wire fraud for defrauding more than $650 million through a Ponzi scheme. Between 2014 and 2019, prosecutors assert Avery scammed nearly 250 investors out of $650 million.
The defendant advertised himself as a Hollywood success story. He positioned himself as an industry participant, utilizing his company to offer foreign film distribution rights to online streaming services such as HBO and Netflix at a steady premium… Horwitz was neither a successful businessman nor a Hollywood insider, as his victims learned. He had just completed one in real life.”
According to Avery’s group, Netflix and HBO are “strategic partners” who will release at least 52 films in Africa, Australia, New Zealand, and South America. In addition, the Fury actor assured investors a return of above 35%.
In 2019, however, 1inMM Capital defaulted on its promissory notes, rendering the pledges invalid. In an effort to prolong the contract, the company informed investors that the streaming platforms had failed to make distribution payments on time.
Netflix and HBO assisted in exposing Zach Avery’s fraudulent scheme, leading to his imprisonment. Avery used the investment funds to sustain his lavish lifestyle, which included a $6 million Beverlywood mansion, a private jet, luxury automobiles, and a substantial credit card balance.
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