Zach Avery Pleads Guilty In $227 Million Film Licensing Ponzi Scheme

Netflix is arguably the most popular streaming service in the world right now, as it continues to produce a lot of original content comprising of TV series and movies. The company already spent a lucrative amount of money on producing content this year.

According to Deadline, Zachary Horwitz, who has gone by the screen name “Zach Avery,” was taken into custody by the FBI back in April on criminal charges of allegedly defaulting on more than $227 million from backers who thought they were going to cash in with licensing rights to films by the WarnerMedia-owned cabler and the streamer in Latin America.

“In reality, neither HORWITZ nor 1inMM Capital ever engaged in email correspondence with Netflix or HBO, nor did HORWITZ or 1inMM Capital ever have any business relationship with Netflix or HBO at all.”

Recently, Zachary Horwitz pleaded guilty in the aforementioned Ponzi scheme that cost investors more than $227 million with fake promises of licensing rights to films by WarnerMedia-owned HBO and Netflix in Latin America.

The U.S. Attorney’s Office for the Central District of California stated that he entered his plea to one count of securities fraud Monday in Los Angeles and is now set to spend 20 years in prison. He is scheduled to be sentenced on January 2nd next year. We will keep you updated on this ongoing case.

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