Share this article:

Hollywood Sign. MNLA.com photo by John Schreiber.

A Beverlywood man is set to be arraigned Thursday for allegedly operating a $230 million Ponzi scheme based on false claims that investor money would be used to acquire licensing rights to films that HBO and Netflix had agreed to distribute overseas.

Zachary Horwitz, 34, who used the screen name “Zach Avery” when acting in usually obscure films, was charged by a federal grand jury with multiple counts of securities fraud, wire fraud and aggravated identity theft, according to the U.S. Attorney’s Office.

Horwitz was arrested April 6 and initially held on a $1 million bond before his release.

According to the indictment, Horwitz solicited investors to invest in his company — 1inMM Capital — which he claimed would use the funds to purchase distribution rights to films and then license the rights to online platforms such as Netflix and HBO for further distribution outside…

Read more…