SEC Obtains Emergency Asset Freeze, Charges Actor with Operating a $690 Million Ponzi Scheme Details Written by IVN
Los Angeles, California - The Securities and Exchange Commission Tuesday announced that it obtained an asset freeze and other emergency relief in an emergency enforcement action against Los Angeles-based actor Zachary Horwitz and his company, 1inMM (one in a million) Capital, LLC in connection with an alleged Ponzi scheme that raised over $690 million. Horwitz and 1inMM allegedly told investors that they were buying film rights, purportedly to resell them to Netflix and HBO; in fact, 1inMM actually had no business relationship with either company.
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Hollywood Actor Ran $690 Ponzi Scheme On The Side, SEC Says
Actor Zachary Horwitz allegedly misappropriated investor funds.
The Securities and Exchange Commission announced Tuesday that it obtained an asset freeze and other emergency relief in an emergency enforcement action against Los Angeles-based actor Zachary Horwitz and his company, 1inMM (one in a million) Capital, LLC in connection with an alleged Ponzi scheme that raised over $690 million.
Horwitz and 1inMM allegedly told investors that they were buying film rights, purportedly to resell them to Netflix and HBO; in fact, 1inMM actually had no business relationship with either company.
According to the SEC s complaint, Horwitz falsely claimed to have a track record of successfully selling movie rights to Netflix and HBO when, in fact, neither Horwitz nor 1inMM had ever sold any movie rights to, or done any business with, HBO or Netflix.
SEC Obtains Emergency Asset Freeze, Charges Actor With Operating A $690 Million Ponzi Scheme mondovisione.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mondovisione.com Daily Mail and Mail on Sunday newspapers.