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Actor to plead guilty to $ 650 million Hollywood Ponzi scheme involving fake HBO and Netflix deals

 


Actor Zachary Joseph Horwitz has agreed to plead guilty to leading a massive Ponzi scheme in Hollywood that promised non-existent film rights to investors.

Horwitz will plead guilty to one count of securities fraud, according to a plea agreement filed in the United States District Court for the Central District of California earlier this month.

His hearing is scheduled for Oct. 4, Thom Mrozek, director of media relations for the United States attorney’s office for the Central District of California, told NBC News on Thursday.

Horwitz, who has starred as Zach Avery in low-budget films, faces up to 20 years in prison, followed by three years of supervised release.

He is accused of having sold hundreds of promissory notes through his company 1inMM Capital LLC and “of fraudulently obtaining at least $ 650 million from at least five major private investor groups”, according to prosecutors, who say the scheme began in 2015.

The funds were used to repay former investors and finance Horwitz’s “lavish” lifestyle, including the purchase of a $ 6 million residence in Beverlywood, according to an earlier statement from the US prosecutor’s office. .

But in late 2019, 1inMM Capital began to default on overdue payments, and Horwitz currently owes investors around $ 230.36 million.

“The defendants’ program has caused significant financial hardship for at least five investors,” the plea agreement said.

Horwitz would tell investors he would use the funds “to buy regional distribution rights to films and then license the rights to online platforms such as Netflix and HBO,” said a criminal complaint filed in April.

He is accused of telling investors that the rights relate to films that the streaming companies have agreed to distribute abroad, especially in Latin America.

The actor even provided promotional material to investors who claimed that “1inMM Capital offers” safe “investments because” we receive confirmation of each of our exits indicating their desire to acquire the rights to any security we purchase BEFORE. to release funds for the film, “according to an affidavit.

It also “provided investors with bogus licensing deals, as well as bogus distribution deals with Netflix and HBO, all of which contained forged or fictitious signatures,” prosecutors said.

When investors began to complain about not seeing returns, Horwitz did not stop the program, officials said. Instead, he forwarded bogus correspondence from Netflix and HBO that gave excuses as to why the funds were not available, again using fake signatures from HBO and Netflix employees, to indicated affidavit.

Netflix and HBO have denied that their companies have entered into any business with Horwitz or 1inMM Capital, according to the affidavit.

According to his IMDb Profile, he has 15 acting credits under his belt, including an uncredited role in Brad Pitt’s 2014 film “Fury.”

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2/ https://www.nbcnews.com/news/us-news/actor-plead-guilty-650-million-hollywood-ponzi-scheme-involving-fake-n1278835

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