Horwitz will plead guilty to one count of securities fraud, according to a plea agreement filed in the United States District Court for the Central District of California earlier this month.
He is accused of selling hundreds of promissory notes through his company 1inMM Capital LLC, and"fraudulently obtained at least $650 million from at least five major groups of private investors," according to prosecutors, who say the scheme started in 2015. "Defendant’s scheme has caused substantial financial hardship to at least five investors," said the plea agreement.
The actor even provided promotional materials to investors that claimed"1inMM Capital offered 'safe' investments because 'we receive confirmation from each of our outputs indicating their desire to acquire the rights to any title we purchase PRIOR to us releasing funds for the film,'" according to an affidavit.
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