US actor in low-budget films accused of running $690m Ponzi scheme

US actor in low-budget films accused of running $690m Ponzi scheme

The Guardian

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Zachary Horwitz, who acted under the name Zach Avery, was arrested Tuesday and charged with wire fraud

On the surface Zachary Horwitz, 34, appeared to be the stereotypical wannabe actor, attempting to build his career in Hollywood by taking a series of low-impact roles.

But while playing small parts in predominantly low-budget films, Horwitz was also running a $690m Ponzi scheme, according to the Securities and Exchange Commission (SEC), using the ill-gotten money to buy a $5.7m Los Angeles mansion and fund a lavish lifestyle.

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