Actor Zach Avery accused in $250M Ponzi scheme involving film rights
Prosecutors say Zachary Joseph Horwitz -- an actor who uses the screenname of Zach Avery -- is charged with wire fraud.
BEVERLYWOOD, LOS ANGELES (KABC) -- A Beverlywood man was arrested on suspicion of running a $250 million Ponzi scheme that solicited investors for phony film licensing deals.
Prosecutors say Zachary Joseph Horwitz -- an actor who uses the screenname of Zach Avery -- is charged with wire fraud. It wasn't immediately known if Horwitz has an attorney.
Horwitz allegedly told investors that their money would be used to purchase film distribution rights that would then be licensed to platforms such as HBO and Netflix.
But instead of using the funds to make distribution deals, Horwitz allegedly used victims' money to repay earlier investors and to fund his own lifestyle, including the purchase of a $6 million home.
If convicted, Horwitz could face up to 20 years in prison.
The Associated Press contributed to this report.
