Actor Zach Avery Arrested for Allegedly Running Multi-Million Dollar Movie Ponzi Scheme

Automatic TRANSCRIPT

Handsome, rising Hollywood actor busted for masterminding and nearly Million dollar Ponzi scheme. It sounds like a great movie, and I'm sure the real life victims wish it was Zach Avery, whose real name is Zach Horowitz was arrested on Tuesday he is accused of bilking investigate investors out of more than 690 million bucks by claiming he had movie deals with his contacts. You know, he's an actor. And he said, I have die of deals with major outlets like HBO and Netflix. And he showed them all this paperwork of documentation. It was all fraudulent. The SEC says there were no such relationships. The paperwork was a fake. Instead, they say he used the dough to fund a lavish lifestyle shocker, including a multi million dollar home $100,000 trips to Vegas and other luxuries. He was released on bond and faces up to 20 years in the

Coming up next