Hollywood actor Zach Avery has been arrested on suspicion of a multi-million dollar Ponzi scheme.
The U.S. entertainment media People said on the 6th (local time) that “Police arrested Zach Avery in Los Angeles for being involved in a multi-million dollar Ponzi scheme.”
According to reports, Zach Avery’s fraud amounted to $227 million (about 253.7 billion won). The FBI explained that Zach Avery manipulated licensing contracts with Netflix, HBO, and other platforms to secure funds for his film distributor 1inMM Capital LLC.
The Ponzi scheme is a pyramid-style multi-level fraud scheme, which refers to a multi-level financial fraud that pays interest on the previous investor with the subsequent investor’s money. It originated from Charles Ponzi’s fraud in the United States in the 1920s.
Zach Avery, meanwhile, is an American actor who made his debut in the 2009 film ‘G.E.D.’ Its representative works include ‘You’re Not Alone’ and ‘Last Moment of Clarity.’