September 16, 2021
Scam/Fraud

IU alumnus arrested for $690 million Ponzi scheme » Scammer News

IU alumnus Zachary Horwitz was arrested on April 6 and is accused of orchestrating over a $690 million Ponzi scheme violating federal SEC laws, according to court documents.  

A Ponzi scheme is an operation promising high financial return or dividends through fraudulent investments, according to the FBI’s website. In Horwitz’s case, he was accused of using investors’ money for other purposes than what was intended.

Horwitz, 34, allegedly used money from investors to buy luxuries, such as a $6-million Beverlywood residence, as well as to repay money owed to previous investors, according to NBC News.

Horwitz created the company 1inMM Capital, LLC which was a limited liability company based in California, where the investments were made.

Horwitz allegedly fabricated information and claimed he had business relationships with Netflix and HBO when he did not, according to court documents. He told investors he was buying…

Read full article here: scammernews.com