Face Verification
Address Verification
Document Verification
Age Verification
Video KYC
Fast ID
eIDV
NFC Verification
Consent Verification
Business Verification
Due Diligence
Investor Verification
E-Signature
Behavioural Biometrics
Device Fingerprinting
MFA
AML Screening
Business AML Screening
User Risk Assessment
Transaction Screening
Adverse Media Screening
Identity Verification
KYC
KYB
KYI
Bonus Abuse
Banking
Crypto
Fintech
Forex
Gaming
Gig Economy
Marketplace
Social Networks
Product Managers
Compliance Officers
Fraud Analyst
Global Trust Platform
Journey Builder
Content library
Blogs
News
Reports
Insights
Knowledgebase
ROI calculator
Blind Spot Audit
Deepfake Detection
Liveness Spoofs
Document Originality
Document Deepfake
Events & Webinar
Interactive Demo
Podcast Studio
Spotlight Studio
API Documentation
Mobile SDKs
Service Status
Help Center
Contact Us
Technical Support
Compliance
Supported Document
About
Career
Press Release
Certifications
Partnership
Awards
Actor Behind $650M Ponzi Scheme Set to Face 20-Year Jail Time
The actor was arrested on account of wire fraud, identity theft, securities fraud, and executing a million dollar Ponzi scheme.
US-based actor Zachary Horwitz, also known as Zach Avery, was arrested on charges of defrauding investors through a Ponzi scheme in April 2021. The actor has pleaded guilty to the US attorney office for running a fraud scheme worth $650 million.
As part of the agreement, Horwitz will be only be charged on one count of securities fraud, instead of five counts of securities fraud, six counts of wire fraud and two counts of aggravated identity theft, which will be dismissed.
The actor has admitted having founded a fraudulent film company by the name of 1inMM Capital, LLC, falsifying investment opportunities for seven years, and collecting “loans” between $35,000 and $1.5 million from investors. According to court documents, Horwitz convinced investors to transfer him more than $650 million and failed to pay back approximately $231 million.
The Federal Trade Commission (FTC) and the SEC are the US’s two major enforcement organizations that target Ponzi schemes. According to these authorities, 60 Ponzi schemes were uncovered in 2020 worth a total of $3.25 billion in investor funds. This amount represents the highest losses to Ponzi schemes ever recorded since the time of the Great Recession.
The SEC and other domestic banks cited numerous other reports made by victims of Ponzi schemes last year.
Today we announced that we have filed an emergency action, obtained a temporary restraining order, and an asset freeze to stop an allegedly fraudulent Ponzi scheme.
Read more:
👉 https://t.co/U6CjdsFb9q 👈 pic.twitter.com/cDIsy9CBtv
— SEC (@SECGov) August 25, 2021
To protect yourself from becoming a victim of Ponzi frauds, experts have suggested investors to verify official ID and businesses documents prior to making transactions. AI-powered document verification services are typically utilized for this purpose, enabling businesses to minimize the probability of becoming a victim to financial crimes.
Suggested Read: A Ponzi Scheme of $2.7 Million Unleashed
