Investigation Stemming From Alleged Ponzi Scheme Which Defrauded Investors By Approximately $690 Million
PHILADELPHIA, PA, USA, April 20, 2021 /EINPresswire.com/ — Kehoe Law Firm, P.C. is investigating potential securities violations, breaches of fiduciary duty, and other claims involving Zachary J. Horwitz (“Horwitz”), 1inMM Capital, LLC (“1inmM”) and potential other parties stemming from an alleged Ponzi scheme in which investors were, over the course of more than five years, defrauded out of approximately $690 million.
On April 5, 2021, the 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%.
Horwitz and 1inMM, instead, allegedly misappropriated investor 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.
IF YOU PURCHASED PROMISSORY NOTES ISSUED BY 1inMM OR MADE INVESTMENTS WITH HORWITZ OR 1inMM AND WISH TO DISCUSS KEHOE LAW FIRM’S INVESTIGATION OR HAVE QUESTIONS ABOUT YOUR POTENTIAL LEGAL RIGHTS, PLEASE CONTACT MICHAEL YARNOFF, ESQ., (215) 792-6676, EXT. 804, MYARNOFF@KEHOELAWFIRM.COM, INFO@KEHOELAWFIRM.COM, SECURITIES@KEHOELAWFIRM.COM, TO LEARN MORE ABOUT THE INVESTIGATION OR POTENTIAL LEGAL CLAIMS.
Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at Kehoe Law Firm have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion dollars on behalf of institutional and individual investors.
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Michael Yarnoff, Esq.
Kehoe Law Firm, P.C.
Source: EIN Presswire