Zachary Joseph Horwitz pleaded guilty Monday to running a massive Ponzi scheme that raised at least $650 million from investors in phony Hollywood film licensing deals since 2014, according to prosecutors
The 34-year-old, whose real name is Zachary J. Horwitz, was arrested on Tuesday over the Ponzi scheme
Scheme is related to his company 1inMM Capital LLC and he s accused of raising more than $690million after falsely claiming to investors that he had movie licensing deals with HBO and Netflix
Authorities say $227million that was put in by victims since at least 2015 is still yet to be repaid
Horwitz told investors they were buying film rights that would be resold to Netflix and HBO but 1inMM had no business relationship with either company
Complaint says he showed investors fabricated agreements and emails regarding deals with HBO and Netflix