Los Angeles Times reported that Zach, whose real name is Zachary Horwitz, admitted in court papers that he failed to return $231 million he duped from investors.
The rest of the money from the $650 million has been returned. At a court hearing next month, Zach will plead guilty to one count of securities fraud, the Times says.
The actor faces up to 20 years in prison for the scheme, and prosecutors have already said they plan to seek a large sentence.A minor actor who appeared in "The Devil Below" and 2018's "Trespassers," Zach is alleged to have told investors that money would be used to purchase film distribution rights.
Read more on wonderwall.com