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February 14, 2022

Posted  February 14, 2022

Zachary Joseph Horwitz, 35, of Los Angeles, CA will spend 20 years in federal prison and was ordered to pay over $230 million in restitution. Horwitz raised $650 million from over 250 investors in his Ponzi scheme—investors who were lied to about future licensing and distribution agreements with online platforms such as Netflix and HBO. Horwitz operated his Ponzi scheme via 1inMM Capital, duping five major groups of private investors through hundreds of 6- and 12-month promissory notes, which he defaulted on. Horwitz initiated the scheme in 2014, and it remained active until his arrest by the FBI in April 2021. USAO CDCA

Tagged in: Criminal Proceedings, Financial and Investment Fraud, Misrepresentations, Ponzi Schemes,