Former MoviePass Execs Indicted on Securities Fraud Charges

Two former leaders of MoviePass have been indicted on securities fraud charges for allegedly deceiving investors about the company’s business model and sustainability. Theodore Farnsworth, the former CEO of parent company Helios & Matheson, and Mitchell Lowe, the former CEO of MoviePass, were each charged with one count of securities fraud and three counts of wire fraud. MoviePass exploded in 2017 after it announced its all-you-can watch subscription plan, priced at $9.95 per month. The service quickly grew from 20,000 members to more than 3 million — but hemorrhaged money and eventually collapsed. The charges, which were unsealed on Friday,… Read Full Article