Los Angeles actors are expected to plead guilty in low-budget horror and science fiction films today for implementing the $ 650 million Ponzi program.
According to the U.S. Attorney’s Office, Zach Joseph Howitz, who has used the name Zach Avery in film credits, is an investor who believes his money will cover distribution rights for films shown on HBO and Netflix. Is allegedly charged. Mr. Howitz, who lives in the Beverlywood area, has agreed to sue the federal government over pleading for securities fraud.
The US Securities and Exchange Commission has also sued Howitz and his company 1inMM Capital LLC in civil law for fraud, primarily for the sale of film licenses in the Latin American market.
Howitz, 34, runs 1inMM Capital as a Ponzi program, spending victims’ money to repay former investors and fund a “luxurious” lifestyle, including the purchase of a $ 6 million home in Beverlywood. The federal prosecutor claims to have made available.
The program reportedly began in October 2014 when investment companies began signing a series of 6- or 12-month promissory notes with 1inMM Capital based on a statement from Howitz. According to documents filed in federal court in Los Angeles, the funds provided under each note were intended to fund 1inMM Capital to acquire rights to certain films.
Prosecutors claim, in order to convince investors, Howitz offered a fake licensing deal and a fake distribution deal with Netflix and HBO. All of this is said to contain forged or fictitious signatures.
According to prosecutors, Netflix and HBO representatives have denied companies doing business with Horwitz or 1inMM Capital, although Horwitz claims a “strong relationship” with the online platform. Using Zach Avery’s stage name, Howitz took part in the 2018 biographical drama The White Crow, written and directed by David Hare.
Ralph Fiennes recorded the life and career of the ballet star Rudolf Nureyev. According to IMDB.com, Avery also starred in the lesser-known films “Last Moment of Clarity” and “Farming”.
Actor pleads guilty to running Hollywood Ponzi program – Los Angeles Sentinel | Los Angeles Sentinel Source link Actor pleads guilty to running Hollywood Ponzi scheme – Los Angeles Sentinel | Los Angeles Sentinel