Actor and Beverlywood resident Zach Avery (Zachary Horowitz) was arrested on April 6 over an alleged Ponzi scheme defrauding investors of at least $227 million in principal. He is accused of raising $690 million, apparently telling investors they could receive up to 40% on returns annually.
The Los Angeles Times reported that Avery allegedly took taken investors’ money under the guise of licensing deals with streaming platforms like HBO and Netflix to use the money toward Las Vegas trips and a $5.7 million house, among other personal expenses. Avery is also accused of creating fake emails from HBO and Netflix to stall payments to his investors.
He was released from prison on a $1 million bond despite concerns from the prosecution that Avery could attempt to escape from his pending court dates. Avery faces up to 20 years in prison under the charge of wire fraud.
Avery is originally from Tampa, Florida, and moved to Los Angeles from Chicago, where he had been enrolled in a doctorate program in Psychology. He has appeared in movies like “Curvature” and “Last Moment of Clarity.” In a July 2019 interview with Authority Magazine, Avery said, “there is not a fast track to success” in the film industry.
