The movies had names like “Blood Quantum,” “La Melodie,” and “Run with the Hunted,” and were purportedly going to be licensed by Netflix and HBO. But federal prosecutors and securities regulators claim the real fiction was the bogus licensing agreements that a small-time actor claimed he had secured for the movies, part of a $690 million Ponzi scheme.
Zachary Horwitz, a 34-year-old with a few minor acting credits, was arrested on Thursday for running an investment fraud in which his company, 1inMM (one in a million), raised $227 million from more than 200 investors, federal prosecutors and securities regulators said.
According to an 18-page complaint filed by Securities & Exchange Commission lawyers in Los Angeles federal court, Horwitz misled investors by telling them they were buying the rights to the films that would be resold to Netflix and HBO, even though the licensing deals for the movies and the relationships with the companies did not exist.
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