Hollywood: Zachary Horwitz arrested for scamming fans
Zachary Horwitz, Hollywood actor was arrested due to multimillion-dollar Ponzi scheme.
His arrest took place on April 6th.
His arrest warrant: Masterminding a Ponzi scheme that defrauded investors of hundreds of millions of dollars.
Source of News: U.S. Securities and Exchange Commission (SEC). The S.E.C announced his arrest Tuesday, 6th of April 2021.
The name of his company is 1inMM. This company has defrauded $227million from somany investors. And Horwitz have been doing this for years.
Horwitz informed business owners that his company invested in films, that is reselling these rights to big brands like Netflix and HBO.
He is said to have sold people on his scheme by showing them fake licensing and distribution agreements, featuring forged signatures. However, both of the above companies confirmed that they don’t know 1inMM and haven’t purchased any movie from the company.
This scam started 2015 and from the prosecutor’s desk, he will serve 20 years in jail.