Lifestyle & Entertainment

Ponzi Scheme: Hollywood Actor Defrauds Investors Of $690m

Published

4 years ago

April 7, 2021

NewTimes

Ponzi Scheme: Hollywood Actor Defrauds Investors Of $690m

Hollywood actor, Zach Avery has been arrested by FBI agents in Los Angeles on Tuesday for allegedly masterminding a Ponzi scheme that defrauded investors of hundreds of millions of dollars, US authorities said.

Avery, whose real name is Zachary Horwitz, told investors his company 1inMM Capital would buy film distribution rights and license them to Netflix and HBO but in fact had “no business relationship with either company”, according to the Securities and Exchange Commission.

Rather, the 34-year-old operated the company as a Ponzi scheme, using money from new investors to pay older ones, the US Attorney’s Office for the Central District of California said in a statement.

The SEC said his scheme had raised more than $690 million. The Department of Justice said it began in 2015 and that $227 million put in by victims was yet to be repaid.

Horwitz, who the Los Angeles Times described as “a small-time actor“, failed to find success as an actor. He starred in the critically panned 2020 film “Last Moment of Clarity”.

He is said to have used money from the scheme to fund a lavish lifestyle, which authorities said included trips to Las Vegas, buying a house worth $6 million, and paying a celebrity interior designer.

Authorities said the scheme started in 2015, and that Horwitz and 1inMM promised victims returns of more than 35 per cent.

To establish his legitimacy, “Horwitz provided investors with fake license agreements, as well as fake distribution agreements with Netflix and HBO, all of which contained forged or fictional signatures,” the US Attorney’s Office said.

Horwitz who has been charged with wire fraud could face up to 20 years in prison if convicted.

AFP

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Lifestyle & Entertainment

Soludo Reveals How Daughter’s Marriage Broke 142 Years Family Jinx

Published

4 months ago

August 11, 2024

NewTimes

By John Michael Ojo

The governor of Anambra State, Prof. Chukwuma Soludo, has revealed that the traditional marriage ceremony held on Saturday between his daughter Ifeatu Adaora Soludo and Arinze Ibekwe in Aguata Local Government Area of the state, was the first of its kind among the Soludo’s family.

The elated former governor of Central Bank of Nigeria and a father of four girls, who stated this in a post via his verified Facebook account said the birth of female children had been a major challenge in the family until he was blessed by God through four of such beautiful children.

The now viral post reads: “In the presence of my family, kinsmen, friends, and my in-laws from Onitsha, I gave out my lovely daughter, Ifeatu Adaora Soludo, to her heartthrob after all traditional rites had been met and certified in line with the customs of the Isuofia community.

“I celebrate this historic event for two reasons. First, God has graciously blessed the larger Soludo family with another such marital union after 142 years.

“This is largely due to the fact that female children have been a rarity in the past three generations of the Soludo family.

“To break that “jinx,” God has mercifully provided me with four beautiful daughters, whom I celebrate every day,” he added.

Lifestyle & Entertainment

Popular Musician Onyeka Onwenu Dies At 72

Published

5 months ago

July 31, 2024

NewTimes

By John Michael Ojo

Popular musician, Onyeja Onwenu is dead

Onyeka, 72, is said to have slumped on Tuesday night shortly perfuming at Mrs Stella Okoli’s birthday party in Lagos state.

It was also revealed that she was thereafter rushed to Reddington Hospital where she gave up the ghost.

VIDEO: At 70, Singer Onyeka Onwenu Recounts Early Life, Divorce

Though the deceased family is yet to issue any statement regarding the death of the singer as at the time of filing this report, an eyewitness who gave an account of what transpired, said: “It is very sad. Onyeka Onwenu just performed at the birthday of Mrs. Stella Okoli today (Tuesday, July 30, 2024), and after performing, she slumped.

“She was taken to Reddington Hospital and she couldn’t make it.”

Onyeka Onwenu, born 31 January 1952, was a multi-talented singer/songwriter, actress, human rights and social activist, journalist, politician, and former X Factor series judge.

Onwenu will be remembered for her roles in movies such as government house, tyrant, half of a yellow sun and recently obara’m amongst others.

She is survived by two children – Tijani Charles and Abraham.

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Lifestyle & Entertainment

VIDEO: Nollywood Actor Olu Jacobs Is Not Dead – Family

Published

6 months ago

June 30, 2024

NewTimes

By John Michael Ojo

The family of multiple award-winning Nollywood Actor, Olu Jacobs has debunked the rumors making rounds social media that the 82-year-veteran who has been dealing with dementia is dead.

This was made known by the family in a now viral clip to support their claims.

Also collaborating with the family claims via her official X handle formerly called Twitter, Kate Henshaw, a veteran in the Nigerian make believe industry asked why Nigerians keep wishing the thespian dead despite his contribution in the movie industry.

“HOW YOU PEOPLE PUT UP RIP POSTS ABOUT SOMEONE WHO IS STILL ALIVE, YEAR IN YEAR OUT IS VERY SICKENING, TBH!!!

“You do this to this great man and his family ALL THE TIME!!

“It is all shades of wrong!!

” Stop for goodness sake!!

” UNCLE OLU JACOBS is ALIVE!!!,” she maintained.

On his part, Shehu Sani, a former Senator of the the Federal Republic of Nigeria in the seventh assembly simply wrote: “Thank God for the news that Olu Jacobs is alive.”

Click link to watch video:

https://x.com/abazwhyllzz/status/1807437270309327010?t=AhOHUpZl4_w5zZsRqwgbsg&s=19