INVESTOR ALERT: LKLSG Investigating Potential Lawsuit Relating to Alleged $690 Million Ponzi Scheme by Actor Zachary Horwitz
MIAMI (April 9, 2021) — In a recently filed enforcement lawsuit, the Securities and Exchange Commission (“SEC”) alleges that Los Angeles-based actor Zachary J. Horwitz, through his company 1inMM (“1inMM”), perpetrated a $690 million Ponzi Scheme against hundreds of unwitting investors.
An actor credited as “Zach Avery” in movies such as Fury and The White Crow, Horwitz allegedly raised money through word-of-mouth referrals. Horwitz offered investors promissory notes with guaranteed returns of between 35% and 45%. Horwitz allegedly told investors that 1inMM would use the proceeds from the notes to acquire movie distribution rights and license them to media companies for a profit.
Horwitz allegedly told investors that he had longstanding relationships with executives at HBO and Netflix. In truth, he had no such relationships, and 1inMM had no distribution deals. The SEC alleges that Horwitz used new investor funds to pay principal and interest to previous investors in a classic Ponzi scheme.
Horwitz allegedly used the some of the funds for personal use, including a multimillion-dollar residence, lavish gambling trips, chartered jets and luxury cars.
The law firm of Levine Kellogg Lehman Schneider + Grossman LLP (“LKLSG”) in Miami is investigating potential legal action designed to help victims of the Horwitz/1inMM scam. If you purchased promissory notes from 1inMM, please contact attorney Jason Kellogg at 305/722-8891. LKLSG represents clients nationwide.
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