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We unfortunately cannot provide any tax or legal advice. This can best be answered by your CPA or tax preparer. You may present your CPA or tax preparer with a copy of the Court Order appointing the Receiver as this is a public document.
The lawsuit brought by the Securities and Exchange Commission is a civil lawsuit and not criminal. However, a criminal action was already brought against Zachary Horwitz, the sole member of 1inMM, with Mr. Horwitz pleading guilty in October 2021 to one count of securities fraud. The Receiver does not prosecute criminal actions and, if additional ones do exist, the Receiver does not provide further information on criminal actions. The Receiver is focused on maximizing the recovery for investors and creditors.
We cannot provide legal advice. However, the lawsuit brought by the Securities and Exchange Commission has stayed all actions against 1inMM and its affiliates meaning the companies cannot be sued at this time.
A deadline has not yet been set by the Court to file a claim. It is highly recommended that if you have a claim, you sign up to receive notifications on this website for when a claims process is initiated.
If you received interest distributions prior to the Receiver’s appointment, these will not continue. At this time the Receiver is unable to make any distributions to investors until more information is known about the total amount of money that will be recovered.
A permanent Receiver was appointed at the request of the SEC on January 11, 2022. Michele Vives was appointed as the permanent Receiver on January 14, 2022.
There is no specific timeline by the Court. Each case will take its own course depending upon the complexity and severity of the case. The Receiver intends to move in a expeditious and timely manner but will be diligent with respect to the importance of the case. The receiver requests investors to be patient as the matter progresses under the oversight of the Central District Court’s supervision.
The Receiver is an officer appointed by the court, and therefore works for the appointing Judge. The court will give specific direction to what is necessary to control and stabilize the assets to either liquidate or distribute the proceeds in an appropriate and professional manner.
The Receiver will file quarterly reports with the court, we will be uploading these to the site as soon as they are filed to the court. The website will also be updated when new and substantive information is available to report. The best way to stay up to date is by subscribing to our email list for us to send notifications directly to you.
If you have questions or concerns, you should write the Receiver at the following address:
1620 Fifth Ave. Suite 400
San Diego, CA 92101
or send an email [email protected].
You may also subscribe to this website for notifications when the claims process begins, or communicate via email to [email protected] and attach any documents related to the case as needed. Please refrain from calling the Receiver. All correspondence should be via email or mail.
Once there are recovered assets in the receivership estate, the claim process will begin, and if you have signed up to receive an email notification, will receive an email along with directions by the Receiver on how to file a claim.
Because the Receiver has only recently been appointed, it is still too early to make an accurate estimate. As the Receiver makes progress, investors will be made aware of potential recoveries through her reports to the Court.
At this time, the Receiver does not have an estimate as to when, or if there will be funds available to make distributions to investors in the future. Such distributions will vary upon certain factors including the outcome of the underlying lawsuit by the Securities and Exchange Commission, the amount of money recovered by the Receiver from currently known assets, and the identification of any other significant assets that may be available to compensate investors.
A Receiver is an individual and a court officer who appointed as a neutral party to take control of assets and to manage them during the period of litigation. The assigned District Court provides direction in the form of a court order concerning the receiver’s enumerated responsibilities and tasks. The Receiver will make periodic reports which will be filed with the Court and posted available on this site for download.