Actor Pleads Guilty In $690M Netflix, HBO Ponzi Scheme

By Craig Clough (October 5, 2021, 7:03 PM EDT) -- A Los Angeles actor pled guilty Monday in California federal court to one count of securities fraud, admitting to running a $690 million Ponzi scheme by claiming to have deals with major media companies including Netflix and HBO.

The 34-year-old Zachary Joseph Horwitz, who has appeared in films under the stage name Zach Avery, is facing up to 20 years in prison after admitting that the scheme resulted in more than $230 million in losses to investors, prosecutors said.

Horwitz and his company, 1inMM Capital LLC, raised more than $690 million from investors via promissory notes and then used the funds...

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