A Hollywood actor, Zach Avery, 34 (real name Zachary Horwitz), was arrested for a $ 690 million scam. Horwitz and his company were trying to raise money by waving fake deals with Netflix and HBO for film production with investors. In reality Horwitz had no relationship with either Netflix or HBO and had forged contracts and emails to deceive investors. The SEC, the American consob, froze $ 690 million of Horwitz’s assets, which managed to raise $ 227 million thanks to this pyramid scam inspired by the so-called Ponzi scheme.
The actor had created his own company, called 1inMM Capital, with which he used one investor’s money to pay others and at the same time financed his exuberant lifestyle, which also included a $ 6 million house in Beverlywood dollars. Now Avery is charged with fraud and faces 20 years in prison.
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