SEC Obtains Emergency Asset Freeze Against Actor Operating a $690 Million Ponzi Scheme

Posted on April 19th, 2021 at 9:44 AM
SEC Obtains Emergency Asset Freeze Against Actor Operating a $690 Million Ponzi Scheme

From the Desk of Jim Eccleston at Eccleston Law LLC:

The Securities and Exchange Commission (SEC)  has obtained an asset freeze and other emergency relief in an emergency enforcement action against actor Zachary Horwitz and his company "1inMM Capital, LLC (one in a million).  The SEC obtained relief against Horwitz connected 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 had no business relationship with either company.

The SEC's complaint alleges, Horwitz falsely claimed to have a history of successfully selling movie rights to Netflix and HBO. However, Horwitz nor 1inMM had ever sold any movie rights to or done any business with HBO or Netflix. According to the SEC, Horwitz allegedly showed investors fabricated agreements and emails concerning the purported deals with HBO and Netflix. 

The complaint also alleges that Horwitz and 1inMM promised investors returns over 35 percent and for many years paid supposed returns on earlier investments using funds from new investments. The complaint further alleges that Horwitz misappropriated investor funds for his personal use, including purchasing his multi-million-dollar home, trips to Las Vegas, and paying a celebrity interior designer.

The SEC complaint charges Horwitz and 1inMM Capital with violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities and Exchange Act of 1934 and Rule 10b-5. The complaint also seeks permanent injunctions, disgorgement, prejudgment interest, and civil penalties against Horwitz and 1inMM.

Eccleston Law LLC represents financial advisors nationwide. Please contact us to discuss any issues that you may have.

Tags: eccleston, eccleston law, sec, asset freeze, ponzi scheme

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