Zach Avery was caught red-handed in a multi-million dollar Ponzi scheme, which he was using to defraud investors of millions of dollars. As a result, his attempts to break into the market for fraudulent activities were unsuccessful. On the bright side, he did manage to cash in on the booming show business market and streaming platform services and get his five minutes of fame as the infamous “Hollywood grifter.”
Zachary Horwitz, better known by his stage name Avery, is a young actor who got his start in B movies but yearned for a taste of the good life. But the methods he used to achieve fame in Tinseltown ultimately brought him and his company, 1inMM Productions, to their knees. He conned private investors out of their money by falsely promising them licensing deals from streaming services like Netflix and HBO. The amount of money that was fraudulently obtained is given in a variety of different reports; some state an estimate of $227 million, while others report $690 million as the amount.
According to the office of the United States Attorney, Avery’s five-year scam began in 2015 when he sent financiers “fake license agreements, as well as fake distribution agreements with the two streaming platforms, all of which contained forged or fictional signatures” to make it seem credible. The scam continued until it lasted for five years.
Zach Avery did have a significant amount of on-screen experience, despite the fact that it’s possible to argue that he only received his share of the spotlight as a result of the fact that he was caught in the act of scamming. Here is everything you need to know about the actor’s life before the infamous scandal, in preparation for the scam feature that will air on Thursday’s episode of ABC’s The Con.
Everything You Need To Know About Zach Avery’s Life In Hollywood And His Acting Career
Zachary Horwitz, also known by his stage name Zach Avery, was born in California on December 5, 1986, but he spent his childhood moving around a lot, primarily between Florida and Indiana. Shortly after receiving his Bachelor of Science degree in Psychology from the University of Indiana, Avery made his debut in the acting world.
According to a cover story published in 2019, the actor is quoted as saying that he moved from Chicago to Hollywood “with nothing more than his dog, a few suitcases, and a big dream.” This quote is in reference to the actor’s move from Chicago to Hollywood. He also talked about the unwavering support of his now-wife, Mallory Hagedorn, who was his girlfriend at the time and works as a hairstylist. The couple currently has two young sons of their own.
Because Zach’s big break in Hollywood did not come about the way he had initially planned (with his acting skills), but rather as a result of the million-dollar fraud scheme, there is not much discussion of his life prior to the Ponzi scheme. Despite this, various sources claim that he has a net worth of approximately $5 million, which is most likely the result of his diverse acting credits, which include roles in which he appeared alongside Brad Pitt and Brian Cox.
According to various reports, some of his acting credits are as follows:
The Entry Point (2021)
The Demon That Lies Below (2021)
You’re Not Alone (2020)
One Final Glimmer of Clarity (2020)
The Great White Raven (2018)
The Giggler in Question (2016)
Game Time (2011)
A Reprise Of Zach Avery’s Hollywood Ponzi Scheme Will Be Featured On ABC’s The Con.
Zach Avery entered a guilty plea in 2021 to one of the federal securities fraud charges against him, and earlier this year he was given a sentence of 20 years in prison for the offense. In addition to that, a restitution payment of $230 million is anticipated from him. The Ponzi scheme will likely be discussed once more on the upcoming episode of ABC’s The Con. This Thursday, August 4, 2022, at 10 o’clock Eastern Time (ET), the episode with the working title The Hollywood Mogul Con will be broadcast. According to the synopsis: “A Ponzi scheme was perpetrated on the film industry in 2018 by Zach Horowitz, a 28-year-old actor who worked under the stage name “Zach Avery.” Through the use of legally binding debt agreements in the form of promissory notes, he was able to raise more than $690 million from a group of “five principal investors.””
In addition to this, it discusses the production company as well as his fraudulent activities:
“Horowitz started soliciting money from investors on behalf of 1inMM Productions, which was his film production company. 1inMM Productions was backed by fake distribution deals and the fake rights agreements,”
“He borrowed money for a period of six months to a year promising a return of up to 40 percent on the investment. He told investors the production intended to use their money to secure the distribution rights to various films in regional geographies and then sell those rights to streamers such as Netflix and HBO.” “He borrowed money for a period of six months to a year promising a return of up to 40 percent on the investment.”
It goes on to state the involvement of the FBI as well as the charges that have been brought against him:
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“When F.B.I. agents arrested Horowitz at his $5.7 million home in Beverlywood, it was clear that the con had been uncovered. The Securities and Exchange Commission (SEC) brought charges against him for securities fraud and asked for an immediate freeze of his assets as well as the return of ‘ill-gotten gains.’”