In a twist seemingly tailor-made for the streaming era, an aspiring actor faces up to 20 years in prison for conning investors with false claims of licensing agreements.
’ review of his plea agreement. Horwitz also admitted to forging the contracts for distribution and licensing.on five counts of securities fraud, six counts of wire fraud, and two counts of aggravated identity theft. With his pleading guilty to the single fraud charge, all of the others will be thrown out, per the. According to prosecutors, Horwitz duped investors out of hundreds of millions of dollars in loans for his film company, 1inMM Capital LLC, between 2014 and 2019.
Despite paying back some investors, he failed to return $231 million, as reported by theMeanwhile, Horwitz funneled much of the investor cash into maintaining his “lavish lifestyle,” according to his plea agreement. Horwitz’s unlawful spending included purchase of a $5.7 million Beverlywood home, courtside seats at Lakers games, luxurious trips to Las Vegas, flights on private jets, “high-end automobiles,” and a “subscription service for luxury watches,” per court documents.
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