LA actor pleads guilty to running a $650 million Ponzi scheme

[TexasTowelie]

A Los Angeles actor who appeared in low-budget horror and science-fiction movies pleaded guilty Monday to running a $650 million Ponzi scheme.

Zachary Joseph Horwitz, who used the name Zach Avery in film credits, formally entered his plea to one federal count of securities fraud, which carries a sentence of up to 20 years behind bars, according to the U.S. Attorney’s Office.

Sentencing was set for Jan. 3.

Horwitz, who lives in the Beverlywood area, bilked investors who thought their money would finance distribution rights for movies that would run on HBO and Netflix.

The U.S. Securities and Exchange Commission also sued Horwitz and his firm, 1inMM Capital LLC, in civil court over the scam, which involved the sales of film-licensing rights, primarily in Latin American markets.

Read more: https://www.dailynews.com/2021/10/04/l-a-actor-pleads-guilty-to-running-a-650-million-ponzi-scheme/
(Los Angeles Daily News)

[Budi]

1. I thought it was going to say, Caitlin Jenner

[bucolic_frolic]

2. I so, so, so wanted to get a Ponzi going

but being who I am, it wasn't going to happen, and even if it did I'd be wanting to run an honest Ponzi scheme that pays off for everyone. Which is kind of like not a Ponzi scheme.

[TexasTowelie]

4. Failed Ponzi schemer.

Isn't that almost as difficult as bankrupt casino owner?

[bucolic_frolic]

5. You're right, both must skim the business to be profitable

One is a failed crook, while the second is a crook who can't fail because the house always wins.

[ret5hd]

6. I always thought cult/megachurch leader...

would be the way to go…only accept entry from RW’ers and take ‘em for everything…culminating in “the big reveal” when I tell ‘em where I’ve been donating all their money. It would be hilarious!!!

Unfortunately (fortunately?) my “charisma level” is pretty damn low, so I’m afraid my mega church would probably consist of me and a stray cat in my one car garage…and the stray cat is only hanging around for the treats.

[bucolic_frolic]

7. Quick, let's write our two dreams into a bestseller before Stephen King steals the idea

"There was these 2 hobo's living in a side-by-side refrigerator crate under the Route 470 overpass outside Topeka ...."

[ret5hd]

8. Can I keep the stray cat in my storyline?

I’m afraid he would be the only likable character.

[bucolic_frolic]

9. Absolutely. It's your storyline, I wouldn't have a clue how it gets there.