Zachary Joseph Horwit pleads guilty to security frauds
By Sam Catanzaro
A local actor pleaded guilty has admitted to operating a Ponzi scheme that raised at least $650 million with bogus claims that investor money would be used to acquire licensing rights to films, but instead using victims’ capital to fund his own lifestyle, including the purchase of his $6 million Beverlywood residence.
According to the Department of Justice U.SA. Attorney’s Office Central District of California, Zachary Joseph Horwitz, 34, of Beverlywood, admitted October 4 to a fraudulent scheme has caused more than $230 million in losses.
Horwitz–who has appeared in a number of films, usually in minor roles, under the name of Zach Avery–will appear at a sentencing hearing on January 3, 2022. When he is sentenced, he will face a statutory maximum sentence of 20 years in federal prison.
According to prosecutors, over the course of about five years, Horwitz used his company – 1inMM Capital LLC, which purported to be a film distribution company – to solicit investors with false claims their money would be used to purchase regional distribution rights to films and then would generate profits by licensing the rights to online platforms such as Netflix and HBO.
the scheme began in 2014, when groups of private investors began entering into hundreds of six- and 12-month promissory notes with 1inMM Capital based on Horwitz’s statements. The funds supplied under each note were…