Where is Zach Avery now? Charges explored ahead of ABC's The Con Season 2 episode 2

Zach Avery allegedly persuaded wealthy investors to the invest millions of dollars in his production company. He claimed that he had licensing contracts with HBO and Netflix and promised them a 35% return. His Ponzi scheme deceived Hollywood for years before he was finally arrested in 2021 for defrauding nearly $227 million.

The FBI claims that in order to raise money for his show business and production company, 1inMM Capital LLC, Avery allegedly faked licensing agreements with several online streaming platforms. On Thursday, August 4, 2022, ABC's The Con will narrate the story of one of Hollywood's biggest scams surrounding the B-movie actor's infamous million-dollar fraud.

Earlier this year, Zachary J. Horwitz, more popularly known by his stage name Zach Avery, was found guilty of running a large-scale Ponzi scheme. He was given a 20-year-long federal prison sentence for his involvement in the fraud case.

The small-time actor reportedly scammed more than 200 investors. Although the numbers vary occasionally, the amount ranges from $227 to $650 million.

Officially receiving a sentence of 20 years in federal prison, Zach Avery was found guilty of orchestrating a major Ponzi scheme that, according to the prosecution, solicited at least $650 million from more than 200 investors via fraudulent film distribution agreements. The Devil Below actor, who was 35 years old at the time, was issued a restitution order for about $230 million, as reported by the Associated Press.

Director of the SEC's Los Angeles Regional Office, Michele Wein Layne, reportedly stated:

"We allege that Horwitz promised extremely high returns and made them seem plausible by invoking the names of two well-known entertainment companies and fabricating documents. We obtained an asset freeze on an emergency basis to secure for the benefit of investors what remains of the money raised by Horwitz."

Avery was first detained in April 2021 in Los Angeles, and in October of the same year, he entered a guilty plea to a federal charge of securities fraud. Authorities stated that between 2014 and 2019, Avery amassed hundreds of millions of dollars in financing for his production firm, 1inMM Capital LLC.

Three of Avery's closest friends and family members were among his investors, and he assured them that the funds would be used to buy the distributorship for films that would be marketed to streaming services like Netflix and HBO.

At the same time, the actor had promised investors that they would receive about 35% returns in a year's time.

The annual report allegedly mentioned:

"With this growth, we have the ability to safely and profitably distribute more than 25 additional films per year, creating ample opportunity for investment and substantial growth of our thriving feature film library."

Highlighting Zach Avery's fraudulent activities, it further stated:

"In reality, neither Horwitz [Avery] nor 1inMM Capital ever engaged in email correspondence with Netflix or HBO, nor did Horwitz [Avery] or 1inMM Capital ever have any business relationship with Netflix or HBO at all."

In fact, the prosecution stated that Avery used the money partly to pay back prior investors while sustaining his extravagant lifestyle, such as buying a $6 million mansion. He is currently serving jail time in federal prison.

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The Con's upcoming episode titled The Hollywood Mogul Con on Zach Avery's million-dollar Ponzi scheme will air on Thursday, August 4, at 10 pm ET on ABC.