Hollywood actor Zach Avery arrested, accused of fraud in Ponzi scheme

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actor Zach Avery arrested

Los Angeles: American actor Jack Avery has been arrested by FBI agents in Los Angeles. Jack Avery is alleged to have been the mastermind of a Ponzi scheme. According to US officials, Jack used this scheme to live a luxury lifestyle, through which he has defrauded his investors of hundreds of millions of dollars. If found guilty of cheating, he could face up to 20 years in prison.

It has been clarified by the Security and Exchange Commission (SEC) that the real name of Jack Avery is Zachary Horwitz. The scheme started in 2015 and Jack Avery promised to give more than 35 percent returns to the victims.

He had told investors that his company would buy 1inMM Capital film distribution rights and license them to Netflix and HBO but Jack Avery actually had no business relationship with the company. The Central District for California office has said in a statement that “Instead of buying film distribution rights, 34-year-old Jack operated the company as a Ponzi scheme.” Apart from this, he used the money of new investors to pay his old investors.

actor Zach Avery arrested

In his statement, Jack said that to establish legitimacy, Jack had shown fake license agreements to investors as well as fake distribution agreements with Netflix and HBO, all of which were forged signatures.
The SEC says that Jack Avery’s film career was nothing special. She starred in the critically panned 2020 film ‘Last Moment of Clarity’. After failing as an actor, he cheated investors to live a luxury lifestyle.