Hollywood Actor Zach Avery Arrested In Multi-Million Dollar Ponzi Scheme


Year old California man is under arrest, accused of running a quarter of a billion dollar Ponzi scheme involving movie distribution rights. ABC is Alex Stone has detailed $127 Million and see amount that federal prosecutors here in L A, say Zachary Horwitz, who goes by the screen name of Zach Avery took from investors. They allege he promised their money would be used by his company to acquire licensing rights to movies and H B L a Netflix and agreed to distribute abroad. But the money was actually going to pay earlier investors and to fund his own lifestyle, including a $6 million home. He's due in court next month. Alex Stone, ABC News Los Angeles

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