SAN DIEGO, April 8, 2021 /PRNewswire/ -- Berger Montague is investigating potential securities violations, breaches of fiduciary duty, and other claims against Zachary J. Horwitz ("Horwitz"), 1inMM Capital, LLC ("1inMM"), and other parties arising out of an alleged Ponzi scheme through which these parties defrauded investors by approximately $690 million over the course of more than five years.
If you purchased promissory notes issued by 1inMM, made investments with Horwitz or 1inMM, have questions concerning your rights or interests, or would like to discuss Berger Montague's investigation, please contact our office at (619) 489-0300 or www.bergermontague.com/zachary-horwitz-ponzi-scheme, or attorneys Andrew Abramowitz at [email protected] or (215) 875-3015, or Donnell Much at [email protected] or (215) 875-4667.
On April 5, 2021, the U.S. Securities and Exchange Commission ("SEC") sued Horwitz and 1inMM in the United States District Court for the Central District of California for violations of the federal securities laws, alleging that, from at least March 2014 through December 2019, those defendants raised $690 million by selling promissory notes issued by 1inMM. According to the complaint, Horwitz and 1inMM represented to investors that their funds would finance 1inMM's acquisition and licensing of distribution rights in movies to major media companies such as Netflix and HBO. Falsely describing Netflix and HBO as "strategic partners" and fabricating fictitious movie distribution agreements and other documents, Horwitz and 1inMM promised investors returns of more than 35%.
Instead, Horwitz and 1inMM misappropriated investors' monies for such improper purposes as paying putative returns on earlier investments and buying a personal residence for Horwitz for $5.7 million. According to the SEC lawsuit, Horwitz transferred funds into his personal bank accounts with City National Bank. The alleged misconduct has resulted in investors in 1inMM promissory notes being defrauded out of hundreds of millions of dollars.
Berger Montague, with offices in San Diego, Philadelphia, Minneapolis, and Washington, D.C., has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contact
Berger Montague PC
12544 High Bluff Drive, Suite 340
San Diego, CA 92130
(619) 489-0300
www.bergermontague.com/zachary-horwitz-ponzi-scheme
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
[email protected]
Donnell Much, Associate
Berger Montague
(215) 875-4667
[email protected]
SOURCE Berger Montague
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