US actor Zach Avery jailed for 20 years for fake investor contracts

US actor Zach Avery (real name Zachary Horwitz) fraudulently obtained hundreds of millions of dollars and was jailed for 20 years, Rfi reports.

According to the publication, the Zach Avery was arrested in April 2021 on suspicion of fraud with Hollywood movie licensing deals. The actor created fake contracts for investors and thus earned him a staggering $650 million. Horwitz, who acted in small-time horror films, told investors he was buying foreign distribution rights for US movies, and then selling them to streaming platforms.

Avery spent the money to live in luxury. He would buy designer clothes and shoes, real estate and luxury cars. In addition, the fraudster would regularly rent yachts and private jets. Avery was playing games with fake contracts for seven years.

Judge Mark Scarsito sentenced Avery to 20 years in prison and ordered him to pay $230 million dollars to those who fell victim to his fraudulent actions.

"He began by betraying the trust of his own friends, people who lowered their guard because they could not possibly imagine that someone they had known for years would unflinchingly swindle them and their families out of their life savings," The Los Angeles Times wrote.