When people put their hard-earned money into Zach Avery’s production company, they had no idea what problems they would encounter. But before long, something wasn’t right, and by the time investors realised they were the victims of a Zach-run Ponzi scheme, it was too late. The entire story is detailed in ABC’s “The Con: The Hollywood Mogul Con,” which also demonstrates how Zach Avery was eventually brought to justice by the authorities. Let’s look at the case’s specifics and learn where Zach is right now, shall we?
What Amount of Money Did Zach Avery Steal?
Zach Avery, aka Zachary Horowitz, a native of Berkeley, California, graduated from Indiana University with a degree in psychology before deciding to pursue acting instead. As a result, following multiple auditions, he was cast in the 2009 film “G.E.D.” The actor immediately received offers to appear in numerous more productions, including “Last Moment of Clarity,” “The White Crow,” “Hell Is Where The Home Is,” and “Fury.” In 2013, he also made the decision to try his hand at filmmaking, and he ultimately co-founded 1inMM Productions with Julio and Diego Hallivis.
Interestingly, the production company ended up becoming a pain in Zach’s side because 1inMM Productions was the source of the Ponzi scheme for which he was found guilty. Zach allegedly orchestrated the scam from 2014 to 2019 and persuaded a large number of people to fund his production company. He came up with a strategy because individuals were first reluctant to invest in a freshly founded business. He apparently submitted a list of movies that his company allegedly distributed on other continents to prospective investors, according to the programme.
He even forwarded letters and documents purporting to be from Netflix and HBO, saying that such networks would licence the movies he disseminated. Intriguingly, the episode reveals that Zach attempted to sway his targets’ decisions by promising returns of up to 40% on any investments and sending pricey booze in the form of bottles. Unfortunately, Zach’s production firm received millions of investors’ hard-earned money as a result of forgeries, bogus documents, and misleading promises that provided investors a false sense of security.
According to official estimates, he defrauded victims out of more than $227 million, but the plan as a whole was worth an astounding $690 million. Interestingly, while Zach used the remaining funds to support his extravagant lifestyle, some of the money was used to pay back previous investors. He even set about creating a more opulent lifestyle for himself and acquired a $6.5 million home in Beverlywood, Los Angeles.
Unsurprisingly, when investors learned they were entitled to their earnings, Zach’s plan started to break apart. Although the actor was able to postpone things by displaying forged emails from Netflix and HBO justifying the holdup, the investors quickly smelt foul play and called the police. Zach was ultimately detained on April 5, 2021, following a thorough investigation, and he was accused of many charges of wire fraud.
Today, where is Zach Avery?
Authorities searched Zach’s home after his arrest in search of information or proof that would support a fraud conviction. Zach initially posted a $1 million bail and was allowed to leave, but he was later ordered to appear in court to answer for his crimes. Zach reportedly became aware of the volume of evidence against him after being put on trial and chose to admit guilt to a single count of securities fraud.
He was thus given a 20-year federal jail term in 2022. Zach was also mandated to pay a $230 million reparation fee on top of his prison sentence. As a result, the actor continues to be imprisoned at the Terminal Island Federal Correctional Institution in Los Angeles, California, because he is still ineligible for parole.