Would You Invest In a Company Called “One In A Million Capital LLC”?
April 13, 2021
Zachary Horwitz aka Zach Avery, a movie actor whose career was lagging, has been charged with wire fraud. According to the SEC, he told investors in his company, 1inMM (one in a million) Capital LLC, that they were buying film rights to be resold to Netflix and HBO. 1inMM had no ties to either media company. Horwitz used the funds to buy a $6 million home in Los Angeles and finance several trips to Las Vegas. Starting in 2014 he raised more than $690 million by selling promissory notes, “using fabricated agreements and fake emails” with Netflix and HBO, according to the SEC complaint. In 2019 he began defaulting on outstanding notes, leaving investors with more than $234 million in unreturned principal. He blamed his default on refusals by HBO and Netflix to pay for distribution rights they had licensed from 1inMM, but said he was negotiating with them to obtain past-due payments.
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